The Union cabinet today gave its approval to an audio visual co-production agreement between India and Republic of Korea which will be signed during Prime Minister Narendra Modi's visit to that country.
An official statement released here said that cooperation between the film industries of the two countries will not only promote export of Indian films but would also act as a catalyst towards creating awareness about India and its culture.
This will help in increasing bilateral trade between both countries, it added.
Under the agreement producers from both countries would get an opportunity to pool their creative, artistic, technical, financial and marketing resources to co-produce films. Co-productions would provide an opportunity to create and showcase the 'soft power' of India.
The agreement will lead to exchange of art and culture among the two countries and create goodwill and better understanding among the peoples of both the countries, the statement said.
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.
The utilisation of Indian locales for shooting raises the visibility and prospects of India as a preferred film shooting destination across the globe and the agreement is expected to lead to inflow of foreign exchange into the country and transparent funding of film production.
