The conference, part of the Hong Kong International Film & TV Market (FILMART), opened on March 12 at the Hong Kong Convention and Exhibition Centre.

Dayrit said that co-producing movies encourages transfer of technology, knowledge, and skills.

"We also (learn to) embrace each other's cultures and help each other's film industry (to grow) through co-productions," Dayrit said.

Dayrit, like other Southeast Asian ACBS participants, said that she believes that regional cooperation is key to developing and sustaining their respective film industries.

Kamil Othman, chairman of the National Film Development Corporation Malaysia (Finas), said Southeast Asian countries can work together to develop movies by "following the European Union style of doing things".

He noted that European film producers work together to develop and market their movies to the whole EU.

Southeast Asian filmmakers can do the same, he said, under the auspices of the Association of Southeast Asian Nations (ASEAN). However, according to Kamil, ASEAN-wide film cooperation can only be possible through a government-to-government negotiation.

Dwi Heriyanto, CEO of Produksi Film Negara (State Film Productions) in Indonesia, said that in order to co-produce a movie, filmmakers must learn more about the other country's culture and film market.

"Asian countries vary greatly in terms of culture, language, and market (development)," Heriyanto said. He said collaboration entails an analysis of each country's strengths and weaknesses in content creation.