Korea and Canada to Co-Produce Dramas and Films... "Expectations for Entry into North American Market"

The Broadcasting, Media and Communications Commission (BMCC) announced on April 20 that it will sign an agreement on audiovisual co-production cooperation between Korea and Canada and strengthen international cooperation in the broadcasting and media sectors.

Gominsoo, Standing Member of the Broadcast Media and Communications Committee, Yonhap News Agency

The BMCC delegation, led by Goh Minsu, Standing Commissioner of the BMCC, is scheduled to visit the Department of Canadian Heritage on April 22 (local time) to sign the "Agreement on Audiovisual Co-Production Cooperation." The BMCC began negotiations with Canada on the co-production of audiovisual content in 2017 and completed domestic procedures last year following approval by the Cabinet. Subsequently, at the Asia-Pacific Economic Cooperation (APEC) Summit last year, Canadian Prime Minister Mark Carney highlighted the need for swift conclusion of the agreement, paving the way for an institutional framework.

The agreement will be officially announced once both countries complete their respective domestic procedures after signing. Programs produced under the agreement will be recognized as domestic programs in both countries, exempting them from programming restrictions imposed on foreign programs. In addition, benefits such as facilitation of bringing in filming equipment and entry/exit of production personnel, as well as government production funding support, will be provided.

After the agreement is signed, a reduction in production costs is expected. Both the Canada Media Fund and the BMCC will be eligible for joint production support applications, which is anticipated to substantially reduce production expenses. The Canada Media Fund operates a production support program with an annual budget of approximately 390 million Canadian dollars (about 420.9582 billion won), with about 84% allocated to broadcasting programs. For films, support is provided through "Telefilm Canada," with around 80 million Canadian dollars invested in actual production.

The BMCC delegation will also visit the Canadian Radio-television and Telecommunications Commission to exchange views on broadcasting policy and regulatory trends in both countries and discuss ways to enhance policy cooperation. In addition, they will visit the Canadian public broadcaster to discuss public broadcasting policies and measures to expand media accessibility.

Commissioner Goh stated, "We expect to enhance the global competitiveness of Korean content and expand its entry into the North American market through the revitalization of co-productions." Philip Lafortune, Canadian Ambassador to Korea, emphasized, "I hope this will provide a new opportunity for Korean and Canadian producers and creators to collaborate and share the stories of both countries with audiences around the world."

This content was produced with the assistance of AI translation services.