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Cabinet approves film co-production pact between India and Korea

MUMBAI: The Cabinet of Prime Minister Narendra Modi has given its approval for entering into an audio-visual co-production agreement between India and South Korea and to complete internal ratification procedure for the agreement to come into force.

The agreement will be signed during the PM’s forthcoming visit to the East Asian nation.

According to the Ministry of Information & Broadcasting (MIB), cooperation between the film industries of the two countries would not only promote export of Indian films but also act as a catalyst towards creating awareness about India and its culture. This will help in increasing bilateral trade between the two countries.

The proposed agreement is expected to result in the following benefits:

i. Producers from both countries would get an opportunity to pool their creative, artistic, technical, financial and marketing resources to co-produce films.

ii. It would boost bilateral ties.

iii. It would lead to exchange of art and culture among the two countries and create goodwill and better understanding among the peoples of both the countries.

iv. Co-productions would provide an opportunity to create and showcase the ‘soft power’ of India.

v. It would lead to generation of employment among artistic, technical as well as non-technical personnel engaged in the arena of film production including post-production and its marketing, thus adding to the country’s GDP.

vi. The utilisation of Indian locales for shooting raises the visibility/prospects of India as a preferred film shooting destination across the globe.

vii. It would lead to inflow of foreign exchange into the country.

viii. It would lead to transparent funding of film production.