India, South Korea Sign Film Treaty
The co-production agreement was signed in the presence of South Korean President Park Geun-hye and visiting Indian Prime Minister Narendra Modi.
India and South Korea have signed a co-production treaty that will enable film producers to tap into various incentives offered by both governments.
The treaty was signed by South Korean minister of trade, industry and energy Yoon Sang-jik and Indian vice foreign minister Anil Wadhwa at a ceremony in Seoul. The ceremony was attended by South Korean President Park Geun-hye and Indian Prime Minister Narendra Modi during his state visit to the country.
The pact calls for treating co-productions as national products in both countries and making them eligible for the same benefits as domestic titles. Among the various terms specified in the treaty, to qualify as a co-production, 20 percent or more of a film’s production budget must be from the partner country and 30 percent in the case of broadcast programs.
In the past, some Indian films have shot in South Korea, such as 2006 title Gangster, which starred leading actor Imraan Hashmi. Moreover, Bollywood is now moving toward sanctioned remakes of foreign titles — Korean film The Man From Nowhere is currently in production as Rocky Handsome. Directed by Nishikant Kamat, the film stars top Bollywood actor John Abraham. The original action-thriller, directed by Lee Jeong-beom was Korea's highest-grossing film in 2010 and follows the story of a vengeful man (Won Bin) who embarks on a murderous rampage when the only person who seems to understand him is taken from him.
Last year, India and China signed a co-production treaty during Chinese president Xi Jinping's state visit to India. India's treaty with South Korea follows similar pacts with Brazil, Canada, France, Germany, Italy, New Zealand, Poland, Spain and the U.K.