Streaming giant Netflix says it will invest US $2.5 billion in South Korea over the next four years.

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The firm’s co-chief executive Ted Sarandos made the announcement after he met South Korea’s President Yoon Suk-yeol in Washington. Yoon is currently on a state visit to the US where he is expected to meet President Joe Biden.

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Netflix has seen success with South Korean productions, including the hugely popular show Squid Game.