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India has become the latest country to enter into an audio-visual co-production agreement with South Korea, following a signing ceremony that took place in Seoul on Monday, May 18th. The pact was sealed by South Korea’s minister of Trade, Industry and Energy YOON Sang-jik and Indian vice foreign minister Anil WADHAW. The ceremony was witnessed by President PARK Geun-hye and Indian prime minister Narendra MODI, who was on a diplomatic visit to discuss bilateral free trade between both nations.

To consider a co-production under the agreement’s terms, projects will need to show that 20% or more of their budgets are staked by the partner country. For broadcast content, the figure rises to 30%. The deal will also make South Korean companies exempt from regulations to employ a certain amount of Indian crew.

Various stipulations in the pact will ensure equal treatment for co-productions alongside domestic projects, the facilitation of travel between both nations for co-produced projects, and the setting up of temporary committees to oversee further obstacles that may arise.

The Indian and Korean film industries are among the largest in the world, ranked sixth (USD 1.7 billion) and seventh (USD 1.6 million) globally in 2014, and the former is expected to rise over USD 2 billion this year, with a young population poised to ensure market growth over the coming years.