PUTRAJAYA: The bilateral film co-production agreement between Malaysia and Australia, which came into effect this month, is expected to stimulate economic growth for the local creative industry as well as the supporting industries which are directly or indirectly involved, said Communications and Multimedia Minister Datuk Saifuddin Abdullah.

He said the agreement was one of the high-impact initiatives to develop the local creative industry as well as open up more opportunities and space for creative industry players through collaboration with Australia.

The agreement, which is one of the initiatives under the strategy to elevate the local film industry to the international stage, is led by the Communications and Multimedia Ministry's (KKMM) agency, namely the National Film Development Corporation (FINAS), Saifuddin said in a statement today.

Through the agreement, he said, Malaysian productions would be seen as Australian productions to facilitate penetration of markets in other countries that have signed similar agreements with Australia such as Canada, China, Singapore, Italy, Germany and the United Kingdom.

"I hope this joint venture will continue to strengthen strategic partnerships in film production, enhance the quality and quantity of film production, encourage skills development in local production and enable cultural exchange and production creativity between Malaysia and Australia," he said.

For further information or enquiries on the agreement, log on to www.kkmm.gov.my and www.finas.gov.my or call FINAS Filming Promotion Division at 03-41041300 or email to [email protected].

-- BERNAMA