To qualify as a co-production, 20% or more of a film’s production budget must be from the partner country and 30% in the case of broadcast programmes.
South Korea and India have signed an audio-visual agreement to facilitate co-productions. The treaty was signed by South Korean minister of Trade, Industry and Energy Yoon Sang-jik and Indian vice foreign minister Anil Wadhwa at a ceremony in Seoul yesterday (May 18).
The ceremony was attended by South Korean president Park Geun-hye and Indian prime minister Narendra Modi during his two-day trip to Seoul to further bilateral free trade agreements.
The Korean Ministry of Trade, Industry and Energy stated that the agreement will allow film and broadcast co-productions the following:
- Equal treatment, eligible for the same benefits, as domestic product
- Facilitation of co-producers’ entry into either country
- Temporary committees to resolve other restrictions and barriers
To qualify as a co-production, 20% or more of a film’s production budget must be from the partner country and 30% in the case of broadcast programmes.
South Korean companies will be exempt from the obligation to employ a certain percentage of Indians, and still be eligible for support funds.
The ministry expects the Indian film market to grow to over $2.25bn this year compared to $1.33 in 2009. It forecasts a “rosy” future of market growth with “60% of the total population under 30 years of age”.
It also says it expects added value from business stemming from the spread of the Korean Wave, currently limited to the Northeastern regions of India, moving into major cities.
No comments yet