'Avatar' director James Cameron and Prime Minister of New Zealand, John Key, have declared that the next three sequels of the flick will be shot in New Zealand.
According to Stuff.co.nz, the government has signed a MoU with Cameron, producer Jon Landau, Lightstorm Entertainment and Twentieth Century Fox to spend 500 million dollars in the country while the next three films are shot.
However, the deal would mean that taxpayers will be giving more money back to foreign film companies.
For the deal, the government had to increase the baseline rebate from 15 percent to 20 percent and offer an additional 5 percent for productions for films that had significant economic benefit and would strengthen the local industry.
