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The Minister of the Ministry of Culture, Sports and Tourism (MCST), YOO Jin-ryong, and Minister Cai Fu CHAO of China’s State Administration of Press, Publication, Radio, Film and Television gathered on July 3rd at 5:50PM at the Blue House for the signing of the Agreement Between the Government of the Republic of Korea and the Government of the People’s Republic of China Concerning the Co-Production of Films (herein referred to as the “Agreement”).
 
Korea and China have been in discussions since August 2011 regarding the Agreement, and since then a tentative treaty was drawn up in June 2013. Following President XI Jinping’s recent visit to Korea, the agreement was finalized between the nations. With the mutual agreement of both parties, the Agreement will come into effect after going through each party’s local legal processes.
 
The Agreement defines and regulates the approval of projects, rules & regulations, and technical cooperation for co-productions. Significantly, once a project with China has been identified as a co-production, it will be considered a national film in China. This will allow more Korea-led co-productions to be exposed to Chinese audiences as the restrictions of the Chinese foreign film import quota will be lifted, and also further activate exchanges between the two nations’ VFX personnel, filmmakers and film crews in the future.
 
Striving for Active Korea-China Co-Productions
 
In order to build a stronger co-production partnership with the rapidly growing Chinese film industry, the Korean Film Council (KOFIC) built the Korean Business Center in Beijing which was opened in April of 2012. Since its opening, KOFIC has supported production development and investment of Korean co-productions, while also running the Korean Film Showcase, and supported the Korean film industries’ efforts to attend film markets in the Greater China Region, further stimulating and aiding Korean professionals’ advances into China’s film industry.
 
KOFIC collected the opinions of industry professionals and participated in the drafting of the Agreement, as well as in all steps of the process until it came to fruition. KOFIC will act as the acting authority subsequent to the official announcement of the Agreement, and will assess and approve the co-production status of future projects.

 

 

Following the Agreement, MCST is looking to accelerate the expansion of its partnership with China in the cultural contents industry. The partnership will aid in the growth of the cultural contents industry for both countries and inject more value into the cultural markets of Asia. 
  
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