Fabled British film studios Pinewood, the home of the James Bond and Harry Potter films, is to set up a new base in Wales, the country’s first minister announced Monday.

Carwyn Jones and Pinewood Shepperton chief executive Ivan Dunleavy revealed that the satellite studio will be located in the capital Cardiff. They hope the 17,000 square meter complex will generate an estimated 90 million pounds ($150 million) for the local economy.

“Attracting such an iconic global brand as Pinewood is wonderful news for Wales,” said Jones.

Welsh actor Michael Sheen, who portrayed Tony Blair in the hit movie “The Queen,” said the announcement highlighted the country’s “revitalized” entertainment industry.

“It’s always a precarious business to attempt such a large undertaking, but it points to the confidence, the expertise and the creative spirit of the people of Wales and I hope it can help the country come closer to realizing its hopes for the future,” he said.

Pinewood’s main studio is located west of London and was opened in 1936.

It has created more than 1,500 films, including the James Bond franchise, the Harry Potter saga and the Carry On films.

The company also has studios in the Dominican Republic, Canada, Malaysia and Germany.

In April, it also announced the opening of a production complex near Atlanta, Georgia, its first in the United States. (AFP)