Newly renamed Busan International Film Festival (BIFF) and Chinese investment and distribution company Zonbo Media have signed a memorandum of understanding (MOU) for industry exchange and greater cinema-cultural business collaboration.

BIFF festival director Lee Yong-kwan [pictured] and Zonbo chairman Chen Weiming signed the MOU in Beijing on March 19.

Distribution/production company BALCON, founded with an investment by BIFF, and Zonbo Media are to co-found a new film distribution corporation called ‘Zonbo-BALCON’ (temporary name). Zonbo-BALCON will support the domestic and international distribution of Korean independent films as well as Asian Cinema Fund (ACF) projects.

Zonbo Media’s previous films include Hur Jin-ho’s A Good Rain Knows, Zhang Yimou’s Curse Of The Golden Flower and House Of Flying Daggers.

BALCON recently produced the omnibus film Camellia.