Department of State-owned Enterprise Management and Insurance of the Ministry of Finance, Department of Cinema under the Ministry of Information, Culture and Tourism signed a joint venture agreement with a Chinese businessman to establish Lao Film State Enterprise with a registered capital of LAK100 billion (approximately US$9.6 million) to promote Lao film industry.

“Today, in ASEAN member countries, there are a lot of young film directors. Their works have hooked audiences around the world. Likewise, in the Lao PDR, many young directors graduating from film schools, especially from abroad and have opened film businesses with some already having films shown to the public,” said Deputy Director General of the Department of Cinema Dethnakhone Luangmovihane.

“The objective of our joint venture for establishing the Lao Film State Enterprise is to produce good films for society and show Lao film innovations to the world. Our strategy is to build partnership with regional and international state enterprises to produce, sell films for domestic, regional and international markets, especially for Laos and China, and in line with the “Belt and Road Initiative”.

The signatories to the agreement included Deputy Director General of the Department of State-owned Enterprise Management and Insurance Pasomphet Khamtan, Chinese businessman Huang Hong, Director General of the Department of Cinema Khamphao Vannavong and Consultant to the Chinese bussinessman, developer of the Lao Film State Enterprise Establishment Project, Bounchome Vongphet.

The signing ceremony was witnessed by Vice Minister of Finance Bounpone Vannachit and Vice Minister of Information, Culture and Tourism Ounthouang Khaophan.

Source: Lao News Agency