BWI: Korean Entertainment Companies Eyes Big from FICCI FRAMES 2013

Press release from Business Wire India
Source: FICCI FRAMES
Friday, March 15, 2013 01:28 PM IST (07:58 AM GMT)
Editors: General: Arts & culture, Consumer interest, Economy, Entertainment, Lifestyle, Travel & tourism; Business: Advertising, PR & marketing, Business services, Media & entertainment, Travel & tourism
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Korean Entertainment Companies Eyes Big from FICCI FRAMES 2013


Mumbai, Maharashtra, India, Friday, March 15, 2013 -- (Business Wire India) -- Over 180 B2B meetings were organised with 13 Korean companies at the FICCI FRAMES 2013. Dr. Soon Tae Park, Deputy Minister for Culture, Sports and Tourism in South Korea which is the partner country is the Guest of Honour at FICCI FRAMES 2013.

This year, being the 40th anniversary of diplomatic ties between India and South Korea, FICCI FRAMES will focus on culture, tourism, entertainment and business between the two nations. Various sessions will tackle challenges in co-production between India and Korea, as well as potential avenues of cooperation between the two countries. Korea has transformed itself into one of the world's most outstanding visual technologies centers with CGI and 3D. A 50 member Korean delegation is participating in the event.

"I am honoured to be here at one of Asia's biggest media and entertainment markets, FICCI FRAMES, representing the Ministry of Culture, Sport and Tourism of the Republic of Korea, the partner country of this great event.

Mumbai is a city of infinite possibilities; unlimited dreams are realized here every day. We come here with great anticipation that the once seemingly unbridgeable gap between our two great nations can be further overcome in this City of Hope," said Dr. Soon Tae Park, South Korea's Vice Minister at the inaugural session.

There was a huge interest among Korean companies to engage with Indian M&E companies in 3D CGI animation, VFX, Gaming and film co-production. As partner country at FICCI FRAMES 2013, the Korea Wave was visible throughout.

"I am extremely happy to meet up with Indian companies at FICCI FRAMES this year," said Jun Hyun Toe who represented KBS Media, public broadcaster from South Korea. "While many of the Indian companies wanted to sell animation content to us, we wanted to present our library catalogues to the Indian broadcasters."

Ditto is the experience of W.Baba Studio. They were looking for co-production partners for a 3D CGI animation. "We are very confident of working with an Indian company in a short period. We have met over dozen companies here at the FRAMES B2B Platform," said a senior company official.

Top Indian companies including Yash Raj Studios, Red Chilies Entertainment DQE Entertainment, Toonz Animation, Graphiti participated in the one-on-one meetings with the Korean contingent.

While this engagement is at the level of companies exchanging business with each other a co-production agreement between India and Korea is on cards. "We are in talks with the Indian government and are at the final stage of negotiating a co-production agreement on audio visual product. I am very happy to be here with the stalwarts from Korea and delighted that the two countries are interacting and discussing business opportunities. I'd like to encourage the businessmen from both the countries to continue and cultivate this engagement." said His Excellency Mr. Joon-Gyu-Lee, the Ambassador of Korea.

The Korean Tourism Organisation which aims at promoting Korea as the new film destination now offer 30 per cent rebate on Indian films shot at Korea.

Speaking on the current state of exchange of content between India and Korea, Hangon Kim, Vice President, KOCCA said, "Korea is actively fostering content and aiming to become a creative content driven economy. The Korean film industry is a major contributor to the GDP of the country, with an ROI of 13 per cent, it is the one if the most viable businesses in the country. A solid infrastructure for content expansion has helped us achieve a stable environment for foreign investment. India as a content market is rapidly growing, with an average scale of 14.3% the gap between India and Korea content market (which is growing at an avg of 4.2%) is getting smaller."

FICCI FRAMES 2013 hosted a panel discussion on increasing the Media and Entertainment business between India and Korea, led by Biren Ghose with various distinguished guests including Hangon Kim, Vice President, KOCCA, Jonathan Hyong-Joon Kim, Executive Advisor, CJ E&M, Kum-Pyoung Kim, Director, Korean Cultural Centre, India, Charles Lim, Deputy Director, Korea Tourism Organisation, Harry Yoon, Vice President, Samg Ani, Vijay Shankar, MD, Karnataka Biotechnology and Information Technology Services (KBITS).

A masterclass on Making of Pororo -- one of Korea's greatest exports in the creative industry was conducted by Kim Ilho, creator of Pororo and CEO of Ocon Inc at FICCI FRAMES 2013. Korean animation Pororo has been sold in 120 countries. Korea also hosted cultural night on Day One and screened film Pieta to FRAMES delegates, which was awarded the Venice Golden Lion.

About FICCI:

FICCI is the rallying point for free enterprises in India. It has empowered Indian businesses, in the changing times, to shore up their competitiveness and enhance their global reach.

With a nationwide membership of over 1500 corporates and over 500 chambers of commerce and business associations, FICCI espouses the shared vision of Indian businesses and speaks directly and indirectly for over 2,50,000 business units. It has an expanding direct membership of enterprises drawn from large, medium, small and tiny segments of manufacturing, distributive trade and services. FICC maintains the lead as the proactive business solution provider through research, interactions at the highest political level and global networking.



CONTACT DETAILS
Leena Jaisani, FICCI, +91 9999108182, leena.jaisani@ficci.com
Simran Kodesia, IPAN H+K Strategies, +91 9920962187, Simran.kodesia@hkstrategies.com

KEYWORDS
ARTS, CONSUMER, ECONOMY, ENTERTAINMENT, LIFESTYLE, TOURISM, MARKETING, BUSINESS SERVICES, MEDIA, TRAVEL

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