Raistin Lau Chun, JP, Under Secretary for Culture, Sports & Tourism of HKSAR, speaks at the Asia Content Business Summit Annual Conference at Hong Kong Convention and Exhibition Centre on March 12, 2024. (CALVIN NG / CHINA DAILY)

Officials and experts at the Asia Content Business Summit, or ACBS, in Hong Kong on Tuesday stressed the need for closer cooperation within the region’s content industry, which has now largely recovered from the setbacks it experienced during the COVID-19 pandemic.

“The content sector plays a very vital role in our society,” said Raistlin Lau Chun, undersecretary for culture, sports, and tourism of the Hong Kong Special Administrative Region government.

Lau said the SAR government is committed to creating an environment that fosters the industry’s development by encouraging innovation and protecting intellectual property.

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For example, the government has proposed injecting HK$2.9 billion ($370.7 million) into the CreateSmart Initiative and HK$1.4 billion into the Film Development Fund to promote the cultural, creative, and film industries.

The content industry encompasses various creative fields, including movies, television, music, and multimedia.

Themed “The Future and Opportunities of Worldwide Co-productions and Distribution”, the ACBS was co-organized by Salon Media Lab and received funding from Create Hong Kong, as well as support from the Asia Film Awards Academy, the Hong Kong International Film Festival, the International Federation of Creativity and Technology, China Daily, the City University of Hong Kong School of Creative Media, and Salon Films.

The summit took place alongside the Hong Kong International Film and TV Market, or Filmart, a four-day trade show that opened on Monday.

Yasuhiro Maeda, gives a speech through video at the Asia Content Business Summit Annual Conference at Hong Kong Convention and Exhibition Centre on March 12, 2024. (CALVIN NG / CHINA DAILY)

Yasuhiro Maeda, former commissioner of the Small and Medium Enterprises Agency at the Japanese Ministry of Economy, Trade and Industry, used an analogy to highlight the importance of collaboration — Asian people eat with two chopsticks, symbolizing mutual respect and assistance, he said.

Maeda suggested conducting joint research into coproduction, citing his business analysis in Japan, which shows that companies that have lasted for over 100 years have recorded stronger profits following the pandemic compared to other companies.

Wilfred Wong, GBM, GBS JP, Chairperson of HK Film Development Council, speaks at the Asia Content Business Summit Annual Conference at Hong Kong Convention and Exhibition Centre on March 12, 2024. (CALVIN NG / CHINA DAILY)

Wilfred Wong Ying-wai, chairman of the Hong Kong Film Development Council, called for a shift in focus to “Made by Hong Kong” rather than “Made in Hong Kong”. While recognizing Hong Kong’s status as the former “Oriental Hollywood”, he said the city cannot be “the production base for everything”.

“We cooperate with everybody else in the world, so that (these products) have Hong Kong funding and Hong Kong participation but can be produced anywhere in the world,” said Wong.

He said cooperation with different Asian countries opens the door to global markets for Hong Kong.

Charlene Paling, Deputy Team Leader, Entertainment & Media Group, Western Alliance Bank, speaks at the Asia Content Business Summit Annual Conference at Hong Kong Convention and Exhibition Centre on March 12, 2024. (CALVIN NG / CHINA DAILY) 

Charlene Paling, deputy team leader of the entertainment and media group at Western Alliance Bank in the United States, agreed that coproduction — including combining cultural influences, accessing top-tier talent, reducing production costs, and sharing expertise and experience — creates many benefits.

However, she cautioned that those participating in coproduction initiatives need to take into consideration the relevant rules, ensure there is an understanding between partners, and prepare for challenges.

Great potential seen

The summit brought together industry leaders from Asia, the United States, and Europe, with officials and insiders from Indonesia, Thailand, Malaysia, the Philippines, and South Korea sharing their latest government policies for promoting film coproduction and distribution while encouraging cross-cultural collaboration.

Alexander Amartei, CEO of Amartei Entertainment and coproducer of the Saudi Arabia-set epic Antara, highlighted Saudi Arabia’s potential for cooperation in films, especially those featuring the Middle East and North Africa.

DJ Clark, Multimedia Director of China Daily Asia Pacific, speaks at the Asia Content Business Summit Annual Conference at Hong Kong Convention and Exhibition Centre on March 12, 2024. (CALVIN NG / CHINA DAILY)

While providing an introduction to the Asia News Network, DJ Clark, multimedia director of China Daily Asia Pacific, explained how the regional alliances of news titles stimulates exchanges and coproduction among the content industries in Asia.

During the summit, experts also discussed topics such as the opportunities and challenges in cross-cultural coproduction financing, the adoption of technologies in coproduction, and the role of education in facilitating cross-cultural coproductions.

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P Jayakumar, CEO of Indian entertainment company Toonz Media Group in India, said, “There are a lot of fantastic stories and tales from China, India, Thailand, Indonesia, all these Asian countries. … Unfortunately, most of these stories are not known outside of their territories.”

Jayakumar said he was impressed by the summit’s sharing session with Saudi Arabia, where he learned about the country’s substantial subsidies to the content industry and its increasing openness, which he said he believes will offer significant opportunities for film producers worldwide.

In his closing remarks, Fred Wang Cheung-yue, chairman of Hong Kong-based pan-Asian facilities and movie services group Salon Films, said he hopes the summit will mark a new beginning for collaboration among Asian content industry players, and will encourage them to work together and create a better future for the younger generation.

Contact the writer at kelly@chinadailyapac.com