It seems like today is the day to announce bilateral film production agreements.
Both Variety and The Hollywood Reporter announced two major entertainment production deals between China and Korea today.
According to Variety, Hong Kong and South Korea have signed a memorandum of understanding (MOU) to improve cultural cooperation between their two film and TV industries.
The Hong Kong government announced that the MOU will help provide a framework in exchanging information and human resources to better their respective film and TV productions. Other sectors in the agreement also include advertising, architecture, design, digital entertainment, music, and printing and publishing.
There has been no indication on whether or not this MOU will include collaborative film productions between the two Asian regions.
Meanwhile, The Hollywood Reporter published an article today on a MOU between the city of Busan and the Chinese movie company Dalian Wanda Group.
The MOU between Busan and Dalian Wanda will focus on the creation of a joint film production fund that may be worth at least US$180 million. The MOU will assist in establishing discussions between the Busan International Film Festival – the biggest in Asia – and an upcoming film festival to be held in Qingdao, China.
Film distribution, film co-production, video effects development, and film crew exchanges are also being negotiated between Busan and Dalian Wanda.
According to Busan officials, the Dalian Wanda will visit Busan in March 2015 to finalize the agreement.
China and Korea have increased the number of film co-productions in recent years. Industry professionals are expecting the number will increase as the two governments have recently signed a formal agreement to allow collaborative pictures to bypass import and distribution quotas.