New Delhi, Oct 26 (IBNS) India and Spain on Friday signed an Audio Visual Co-production Agreement seeking to improve cooperation between the two countries in the audio visual sector.
The agreement was signed between Information & Broadcasting Minister Ambika Soni and Jose Garcia Margallo Y. Marfil, Minister for Foreign Affairs and Cooperation, Kingdom of Spain.
The agreement establishes a legal framework for relations regarding cooperation between the two countries in the audio visual field thereby facilitating the development of the audio visual industry.
The framework for co production includes feature films, documentary and animation films.
The agreement provides opportunities for both the countries to pool their creative, artistic, technical, financial and marketing resources to co-produce films.
The co-production would provide an opportunity to create and showcase 'soft power' of India.
It would also lead to generation of employment among artistic, technical as well as non-technical personnel engaged in the arena of film production including post-production and its marketing, thus adding to the country's GDP.
The utilization of Indian locales for shooting raises the visibility/ prospects of India as a preferred film shooting destination across the globe.
It will also lead to inflow of foreign exchange into the country and transparent funding of film production.
Currently, as part of the initiative, the government has signed co-production agreements with Government of Italian Republic in 2005, with Government of UK of Great Britain and Northern Ireland in 2005, with Federal Republic of Germany in 2007, with Federal Republic of Brazil in 2007, with Republic of France in 2010, with Government of Republic of New Zealand in 2011, with Government of Republic of Poland in 2012.