|By PR Newswire||
|February 24, 2014 11:39 AM EST||
OTTAWA, Feb. 24, 2014 /CNW/ - I am delighted that our Government has signed an Audiovisual Coproduction Agreement with the Republic of India. In addition to positioning our country as a preferred partner for audiovisual production, the agreement will strengthen our cultural and economic ties with India.
Today, the High Commissioner in India, Steward Beck, and India's Secretary of Information and Broadcasting, Bimal Julka, in the presence of the Governor General of Canada, His Excellency the Right Honourable David Johnston, the Prime Minister of India, Manmohan Singh, and the Minister of State (Sports) for Canada, Bal Gosal, signed this agreement.
In order for the Agreement to be in effect, each country will have to complete their ratification procedures. Once in effect, the Agreement will allow producers to combine their creative, technical and financial resources to carry out audiovisual coproductions that will stimulate the economy and enhance knowledge sharing between our two countries.
Coproduced projects will be given "national status" in Canada and in India, which will make producers eligible for national benefits in their respective countries, be they funding programs, tax incentives or access to screens. This agreement will also lead to the production of audiovisual projects that otherwise would never be created.
This is the first agreement to be concluded since Canada's Policy on Audiovisual Treaty Coproduction was implemented in March 2013. This policy, which reflects the changing environment of audiovisual production, allows our Government to better support the Canadian audiovisual industry and makes Canada an even better place to do business.
In the past 50 years, Canada has signed audiovisual coproduction agreements with 53 countries. In the past 10 years alone, our country has produced close to 720 audiovisual coproductions, whose production budgets represent close to $5 billion.
SOURCE Canadian Heritage