The mammoth sum of $2.5 billion will spend the Netflix within the next four years to produce content in South Korea.

The CEO of the company Ted Sarandos made the announcement after meeting the president of South Korea, Yoon Suk-yeol in Washington.

Yun is on an official visit to the US, where he is expected to meet with the US president Joe Biden on Wednesday.

Netflix has had great success with South Korean productions such as the wildly popular Squid Game.

Sarandos said the money would be spent on making movies and TV shows in Asia’s fourth-largest economy.

“We made the decision because we have great confidence that the Korean creative industry will continue to tell great stories,” he said.

In 2021, the Squid Game became Netflix’s most popular series of all time. It was seen by 111 million users in the first 28 days after the premiere.

This year, the South Korean reality show Physical 100 became the platform’s most popular non-English-language show worldwide.

Netflix, which operates in more than 190 countries, is now facing increased competition from rivals such as Amazonthe HBO and the Disney.

It has slashed prices in dozens of countries around the world in an effort to attract more subscribers.

Last week, the company announced it would charge extra for those who want to share accounts with people outside their household.