KOFIC Moves to Attract Japanese Producers
Cash Rebate up to 20% Available for Korea Shoots
SEOUL -- The Korean Film Council announced a plan to introduce a 20% cash rebate incentive, which will start as early as next year, to promote Korea as a shooting location for Japanese producers, the Council and Seoul Film Commission said at a joint presentation at TIFFCOM Wednesday for about 100 Japanese producers and production executives attended.
The cash incentive will cover productions with a minimum budget of $4.2 Million, can receive up to 20% cash rebate with a cap at $2.5 million.
Also at the event, two Korean computer graphic companies CJ Powercast and Digital Idea gave a presentation on the companies’ profile in computer graphics.
“Given the fact that living costs are comparatively low in South Korea, production costs are very low compared to countries like Japan,” said the spokesman for the commission.
The most recent international production in Korea was the Thai romantic comedy Hello Stranger by Banjong Pisanthanakun that became a domestic box office hit in Thailand this year.