Although academic library budgets have been decreasing, the rates of print and electronic journal subscription price have consistently increased. In response to this, as part of efforts to ensure access to foreign academic materials, the Ministry of Education and Korea Education & Research Information Service (KERIS) have initiated and operated Foreign Research Information Center (FRIC) since 2006, pursuing shared acquisition and sharing of foreign print journals. This study investigates the roles/values, issues raised by stakeholders, improvements in services, and new service elements of FRIC through the in-depth interviews with librarians in charge of FRIC in addition to examining its current state. The findings show that FRIC has contributed to sharing of academic materials and to promoting research. However, it was also found that the five types of stakeholders (i.e., the Ministry of Education/KERIS, universities/libraries, users, FRICs, and publishers/agencies) have diverse issues and problems with FRIC. Therefore, this study makes some suggestions to address the issues in terms of policy, system, management, and service.