"To serve as president in Venice is an immense honor and responsibility that I accept with respect and gratitude.
Venice is a window to world cinema and the opportunity to celebrate its power and cultural relevance," Toro said in a statement, reports variety.com.
"The Shape of Water", Del Toro's ode to the horror films of his youth, has 13 Oscar nominations. It had its world premiere on the Lido last year.
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