India and South Korea sign film and TV co-prod treaty
Ministers from India and South Korea came together in Seoul on Monday (18 May) to sign a film and television co-production treaty.
The agreement will allow film and broadcast co-productions equal treatment when filming in each other's territory, which means they will be eligible for the same benefits as domestic productions. More will also be done to solve restrictions and barriers in the filming process.
In order to qualify as a co-production, producers must spend 20% or more of a film’s total production budget in the partner country and for broadcast productions this goes up to 30%.
India expects its film market to grow to over $2.25bn this year, a near doubling compared to five to six years ago.
KOFIC, the Korean box office information system, offers a 25% cash grant incentive on foreign audio-visual works that shoot on location in Korea.