A Hong Kong film production company said partnership with the industry in South Korea will help bring movies to a wider audience, as local filmmakers seek global market expansion.

Phoenix Waters Productions earlier signed a memorandum of understanding with Studio Target in Seoul.

Leading the collaboration is an international action thriller “Shashou”, which pays homage to classic Hong Kong cinema while incorporating Western elements.

Filming is slated to start next year.

Phoenix Waters Productions is producing the movie and Studio Target is a co-investor and the South Korean distributor.

“We can make international productions that really showcase, underscore the great value in Hong Kong and South Korea for the international market, so that they can play well to audiences across North America, UK, Europe, and so on,” Bizhan Tong, founder and CEO of Phoenix Waters Productions, told RTHK.

He said Hong Kong filmmakers can capitalise on the strengths and expertise of the South Korean entertainment industry, which he described as “the creative jewel of Asia”.

Tong also said cooperation is key to addressing the challenges faced by both sides.

“In respect of Hong Kong, we've seen a downturn in terms of box office. We've seen a downturn in terms of the number of productions being made... In terms of the current movies made in Hong Kong, there has been a lack of appetite in other markets.

“And in the case of Korea, the challenge that they face is currently they’re seeing an increase in terms of budget... so co-production is essential.”

In September, industry leaders from around the world took part in the Busan International Film Festival, during which Hong Kong’s Cultural and Creative Industries Development Agency signed an agreement with Busan Asian Film School to promote the SAR's productions.

Another goal is to cultivate homegrown talent.

Drew Lai, Commissioner for Cultural and Creative Industries, said the agency will nominate local filmmakers for an eight-month training programme with the Busan institution as part of the memorandum of understanding.

The scheme covers areas such as film production, investment and distribution.

“We will discuss with the film school to hold events such as masterclass series, student visits to film festivals and overseas training programmes for film professionals, which will be useful for the Hong Kong film industry’s development,” she said.

Hong Kong and South Korea have enjoyed stronger business ties in recent years – highlighted by closer cooperation between their film industries – as Chief Executive John Lee heads there on Wednesday to attend this year's Asia-Pacific Economic Cooperation summit.

And according to veteran South Korean producer Jonathan Kim, joining forces with filmmakers outside of the country could help open new doors for the industry, which is facing competition from online streaming platforms and a lack of financial support.

“[When] you do co-productions, you can have two markets at the same time, then you can probably get more profit. However, it's easier said than done. You have to find a good IP that could work for both markets,” he said.

“We need an opportunity for both sides to meet more often, because that's how they figure out what will be a common idea that could work.”

Kim, who's also chairman of Hanmac Culture Group in Seoul, also said in order to boost collaboration, the two sides should “synchronise” their support programmes so filmmakers could work together easily.