Korean Film Council (KOFIC) announced on Monday that it is currently participating in Hong Kong International Film & TV Market (FILMART), to promote local films worldwide and launch more foreign projects in Korea.

The Hong Kong-based event, which kicked off Monday and runs through Thursday, is considered one of the biggest film markets in Asia. KOFIC said they will have their own lounge, titled “Korean Film Center,” during the event.

A total of 11 Korean film producers, overseas sales representatives and experts in visual effects, 3-D and sound effects will be available at the Korean Film Center run by the film council.

KOFIC said it is also open to foreign producers who are interested in shooting their films or TV drama shows in Korea. Foreign projects, which are at least 80 percent financed by non-Korean capital, may be eligible for a special financial support provided by KOFIC.

The films or TV shows must be shot in Korea for more than 10 days, and its full production cost must be more than 1 billion won to qualify for the support. If all of the above criteria are met, KOFIC will finance a total of 25 percent of the project cost in cash.

KOFIC said they especially would like to see Korean companies specializing in 3-D and visual and audio effects getting more opportunities during the event.

“It will be a great opportunity to promote Korean films in the Asian market, especially when hallyu is doing so well in the region” an official from KOFIC said.

Meanwhile, six Korean films have been invited to the 36th Hong Kong International Festival, including rookie director Kim Joong-hyun’s feature debut “Choked” and Hong Sang-soo’s black-and-white drama “The Day He Arrives.” The film festival kicks off on Wednesday.

By Claire Lee (dyc@heraldcorp.com)