Malaysia keen to be Asia's Hollywood
Malaysia keen to be Asia's Hollywood
KUALA LUMPUR (AFP):Malaysia's multi-million dollar answer to Hollywood will be launched next month with the aim of making the country an Asian movie-making hub, a local company announced Thursday.
Three billion ringgit (US$789 million) will be spent over seven years to develop Entertainment Village on a 485 hectare (1,198 acre) site, it said.
"E-Village ... is designed to make Malaysia the hub of the booming Asian film industry," Awang Had Salleh, chairman of Entertainment Village (M) Sdn. Bhd., told a press conference. Awang Had said his firm had formed an alliance with Steve Grace, vice-president of British Aerospace.
He said the Malaysian side would have a 70 percent stake while the balance would be held by Grace, apparently investing as an individual and not on behalf of BAe. Initial paid-up capital is one million ringgit.
"The developers acknowledge that there can be no substitute for Hollywood. But there can be alternatives," said Ibrahim Abdul Ghaffar, executive vice-chairman of the local company.
"E-Village will strive to position itself as the hub for the Asian film industry," he added.
Ibrahim said E-Village was already negotiating with three to four potential clients from Europe and Hong Kong.
"In terms of cost, we are about 40 percent lower than others," he said.
Awang Had said E-Village would be a high-tech world entertainment center, with production studios for film and television.
"E-Village will enhance the development of the MSC as it falls under the creative multimedia and entertainment category. It also marks Malaysia's entry into the film production industry," he said.
E-Village will be located at Dengkil next to Cyberjaya, the heart of the Multimedia Super Corridor.
Prime Minister Mahathir Mohamad launched the MSC as part of a shift from labor-intensive to high-technology industries. The corridor runs from Kuala Lumpur to the international airport 60 km (45 miles) to the south.
Awang Had said the project would be divided into three phases, adding that the studios under the first phase were almost 80 percent completed.