S.Korea, France sign agreement on cooperation in movie industry

South Korea and France on Friday signed a film co-production agreement to seek closer cooperation in developing their movie industries.

South Korean Culture and Tourism Minister Kim Myung-gon and his French counterpart Renaud Donnedieu de Vabres signed on the Film Co-production Accord, under which the two governments will recognize films co-produced between the two nations as domestic ones.

France and South Korea share an understanding that both of them respect cultural diversity, said Vabres, describing the agreement as "a good opportunity" for both countries.

The accord applies only to feature films, not animation or independent movies.

Under the accord, a co-production film needs at least 20 percent and less than 80 percent investment from each country.

Source: Xinhua