The Korean Ministry of Culture and Tourism has announced that 2007 will see it placing top priority on nurturing the fast-evolving content business and redefining “hallyu,” (韓流)or the Korean Wave.

According to the Korea Herald,  the Culture Ministry and the Information Ministry have teamed up to set aside 19.2 billion won ($20.55 million) to develop “Digital Creature” technologies – referring to cultural products that are created through purely digital solutions.

The Korean Wave, which depends largely on pop culture led by trendy television dramas, movies and music, is facing growing challenges in Asia and elsewhere. Exports of Korean films are declining, and in some Asian countries, a so-called “anti-hallyu” sentiment is being detected.

Culture Minister Kim Myung-gon had this to say:

The ministry will focus on…preparing for sweeping changes that spark content- and imagination-oriented innovation, and globalizing the Korean Wave further while minimizing side effects.