President Cristina Fernandez announced that Argentina will build its own film industry hub modeled after Hollywood on an island south of Buenos Aires.
The studios will be built on Demarchi Island, the site of an abandoned industrial complex that includes shipyards, according to Agence France-Presse. A call for bids will come within the next 30 days. Fernandez also said the limit on subsidies for Argentine films will be raised from $648,000 to $1.2 million.
Fernandez said she is trying to attract private developers to the project, which will be a business incubator known as "Polo Audiovisual," or audiovisual center, reported the Associated Press.
"Just like they do it in Hollywood, where support for the industry has made it possible for its content to become almost universal, we want our values and culture in Argentina to have this kind of development," Fernandez said, according to the AP.
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Argentina has one of the most successful film industries in the region and released 99 films in 2011 alone, as well as 76 so far this year, reported AFP. Fernandez said the South American country is the world's fourth largest exporter of audiovisual content. Argentina has also won Academy Awards for its films, taking home Oscars for "The Official Story" and "The Secret in Their Eyes."