A SLATE of films valued at US$50 million will be produced out of Singapore over the next five years.

This was announced at the American Film Market, with the signing of the memorandum of understanding for the film slate signed between MDA and three other media companies last Friday.

The films, which will be primarily sourced and produced by Korea's CJ Entertainment (CJE) and funded through a joint venture between CJE, Asia Media & Technology Capital (AMTC) and Bang Singapore (Bang), are expected to generate significant activity covering the complete value chain of developing, investing, producing, and the promotion of successful films.

Noting the deal's impact on Singapore's film industry, Mr Aubeck Kam, Chief Executive Officer, Media Development Authority of Singapore (MDA), said: 'It represents the sector's growing maturity, combining resources from players across the value chain to anchor a global pipeline and allowing Singapore media companies to take on high-value work such as executive production'.

Ms Katharine Kim, Chief Executive Officer, CJE, said: 'We believe this strategic Asian partnership will encourage a stronger integration amongst various talented Asian filmmakers as well as companies and expand the appeal of Asian films to the global market'.

$50m of made-in-S'pore films