Cannes – At a press briefing at the start of the Cannes Film Market and Festival, the Media Development Authority of Singapore (MDA) announced several new initiatives as part of its Singapore Media Fusion Plan (SMFP) to attract the world’s creative community to partner with Singapore companies as it strives to develop Singapore into a trusted global capital for New Asia Media. Dr Christopher Chia, MDA’s chief executive officer said that the Singapore government has earmarked €116.5 million (US$156 million) over five years to develop the country’s media content sector. This is in addition to the US$340 million already committed to interactive digital media research and development. SMFP aims to provide the best environment for media business, while leveraging R&D to position Singapore at the leading edge of digital media. Emphasising the creation of new intellectual properties, as well as the formation of new digital media industries, the SMFP is looking to partner international companies tapping on new markets in Asia and beyond. The three initiatives outlined by the MDA include the International Film Fund (IFF), which will encourage projects to be shot in and out of Singapore. The fund will allow a contribution of up to US$3.4 million per project, covering 17 to 20 projects ranging from animation, live-action features and post-production projects. MDA will take a share of the rights and revenues of the films as appropriate for its investment. Singapore has earmarked the first US$6.7 million for its Stereoscopic 3D Development Fund. Under this Fund, Singapore has committed to co-produce a slate of three 3D films, all of which will be in production by the end of March 2010.