Hong Kong's Secretary for Commerce and Economic Development, Rita Lau, has urged film practitioners from all over the world to capitalize on Hong Kong's experience and the Closer Economic Partnership Arrangement's benefits in opening up the Mainland film market.
At the Hong Kong Film New Action-Business Forums & Promotional Sessions on March 26, Mrs Lau said CEPA's implementation has broadened the horizon for local film development and film-makers have since acquired rich experience in collaborating with the Mainland on joint productions.
Noting that the film sector is an important pillar of the creative industries, she said the government fully supports its development and attaches great importance to nurturing young talent.
About 200 investors, distributors, producers and filmmakers from five major Chinese language film markets - the Mainland, Hong Kong, Taiwan, Singapore and Malaysia - gathered in the region for the first time at the forum the Film Development Council organizes.
They discussed making co-productions and developing markets through integrating the markets, talents and financing of the five places, opportunities arising from CEPA, business opportunities in the Mainland film market, new developments in the Taiwan and Southeast Asia film markets, and governmental and private film development funds in the region.
Promotional booths have been erected for more than 30 local new generation film directors to help them foster a basis of partnership in financing with people from different markets.
Council chairman Jack So said film practitioners of the five places agreed that, given the trend of market integration, making joint efforts in film markets, talent and financing will be the new direction for the long-term development of Chinese language films.
Hong Kong Film New Action is a large-scale promotional project to facilitate the local film industry's long-term development by developing the film markets on the Mainland, Singapore, Malaysia and Taiwan, and promoting the city's new generation film directors to these places.
A comprehensive report in our Intelligence Report series examining tax-sheltering arrangements for investors, including Venture Capital, Forest Finance, Film Finance, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report5.asp
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