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The Union Cabinet today accorded ex post facto approval to the Minister of Information and Broadcasting signing the Audiovisual Co-Production Agreement with the Government of the Italian Republic.
This will provide access to transparent funding, shared risks and increased markets to Indian animation and film industry vis-à-vis the Government of the Italian Republic.
On the request of the Government of the Italian Republic, a Memorandum of Understanding has been signed on September 3, 2003 in Italy, expressing the intention of both countries to finalise in the near future, an Agreement on co-production. In the proposed Agreement with Italy, the Governments’ role is only to accord recognition to the project in their capacity as competent authorities. In addition, on the Italian side, it involves a commitment to honour their obligations as members of European Union.
Reports brought out by the FICCI regarding the entertainment industry suggest that India meets the chief requirements to function as an animation production base – creativity, computer skills and ideas. The Agreement with Italy, to begin with, will provide a further incentive for Italian co-producers to look India’s way as a BPO hub in the animation sector. This initiative has encouraged similar requests from other countries such as, Germany, Hungary, Croatia, France, Poland, China and United Kingdom. The global market for multimedia work for films and other visuals is expected to grow to US$ 50 billion over the next five years and India can increase its market share from its current 0.3%.
YSR/DS/HS/LV
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