NEW DELHI: The Union Cabinet today approved an agreement signed between India and Israel on co-production of films, an official release said.
The agreement was inked between the two countries during the visit of Israeli Prime Minister Benjamin Netanyahu to India last month.
Co-production of an Indian film with an international party means that Indian producer can access international funds and can collaborate on the script, talent and distribution at international level.
"The Union Cabinet chaired by Prime Minister Narendra Modi has given its ex-post facto approval to an agreement on films co-production between India and Israel," the release said.
Co-production of a film under this treaty will qualify to be a national production both in India and Israel, it said.
This will also create a common pool of creative, artistic, technical, financial and marketing resources of the two countries, it said.
The co-produced films will also be eligible for their participation as domestic productions in film festivals of both the countries, the release said.
"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 film making," the release added.