February 20, 2018
Co-production of a film project under the new treaty will qualify it as national production both in India and Israel.
This will enable a common pool of creative, artistic, technical, financial and marketing resources of the two countries.
Co-produced films under the treaty will be eligible for participation as domestic productions in film festivals of both countries.
The deal will help in generation of employment among artistic, technical as well as non-technical personnel in both nations.
India’s Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved an agreement on film co-production between India and Israel. The deal was signed last month during the state visit of Israeli Prime Minister Benjamin Netanyahu to India. The agreement will allow Indian filmmakers access international funds and collaborate on script, talent and distribution at international level. Co-production of a film under this treaty will qualify it as national production both in India and Israel. This will enable a common pool of creative, artistic, technical, financial and marketing resources of the two countries.
The co-produced films under the treaty will be eligible for participation as domestic productions in film festivals of both the countries. The projects will also receive other incentives that are available for carrying out production and post-production work in both the countries. The signing of the agreement will lead to mutual exchange of art and culture, create goodwill and better understanding among the people of both the countries as well as various aspects of filmmaking. The agreement will also help in generation of employment among artistic, technical as well as non-technical personnel in both nations.
PM Netanyahu’s first visit to India marked 25 years of diplomatic relations between the countries. The film deal was part of a host of agreements signed between the two countries that will further boost bilateral ties. Bilateral trade between India and Israel has steadily increased from around US$200 million in 1992 to about US$4.5 billion in 2017. India is increasingly becoming central to Israel’s political and commercial policies with trade agreements expanding from defence and agriculture sectors to several other new disciplines such as energy, science and technology, pharmaceuticals and film production.
Agreements signed during PM Netanyahu’s visit were related to cyber security, oil and gas exploration and production, space research, civil aviation, film production and homeopathic medicine, among others. Meanwhile, the investment platforms of both the countries, Invest India and Invest in Israel, have joined forces to boost opportunities for a variety of stakeholders. Additionally, to bring people closer on both sides, an Indian Cultural Center will soon open in Israel.