It's official: the second installment of Marvel's "Avengers" franchise, "Avengers: Age of Ultron," will be partly shot in Korea.
The announcement has generated excitement among movie fans, but the news has local economists excited, too, with predictions of what the economic benefits to the Korean movie and tourism industries will be.
The studio plans to spend more than 10 million U.S. dollars and expects to hire more than 120 Koreans for the shoot, scheduled to take place in and around Seoul from March 30th to mid-April.
Experts predict that could generate as much as 23 million dollars for the Korean movie industry.
"We think this could strengthen Korea's movie production ability. It will also create new jobs, promote tourism and improve our brand image, resulting in huge economic benefits."
China saw its tourist numbers rise by six million in the two years after a part of the blockbuster movie "Avatar" was shot in the province of Hunan.
New Zealand, where "The Lord of the Rings" was filmed, also saw its tourism revenue increase by 15 percent after the films were released.
But in addition to the economic benefits, local economists in Korea hope this will pave the way for more opportunities for the movie industry in the future.
"There are many sources that effect a country's economy. The actual benefits will depend on how Seoul is described in the movie, and how moviegoers actually perceive the city."
Like the "Avengers" sequel, more and more overseas films are coming to Korea to shoot, a result largely attributed to the Location Incentive Project initiated by the Korean Film Commission in 2011.
Thanks to the project, foreign movies filming in Korea can receive a refund of up to 30 percent of their production costs.
Sohn Jung-in, Arirang News.