Singapore and China have inked 17 agreements to develop the interactive digital media (IDM) industries in the two countries.

The agreements were signed by Singapore's Media Development Authority (MDA) and China's State Administration for Film, Radio and Television, which means both countries will be “well poised to capture a slice of the IDM market,” Asia Media reported Thursday.

The market was estimated to be worth about $276 billion last year, according to MDA's deputy CEO Michael Yap in a statement Wednesday.

Yap told the Straits Times that the collaboration was a good fit, since Singapore is doing well in developing computer games and animations, while China boasts advanced media filming equipment and computing software.

One of the agreements said the Chinese Academy of Sciences will establish a research centre in Singapore.

The other agreements touch on how Singapore and China could better collaborate to develop games, animations or technology meant for mobile phones, for instance.

Specific details have not yet clarified, but Yap said that he looked forward to more joint productions between the two countries, Asia Media reported.

Digital media has been identified as one of the pillars of Singapore's economy. It is estimated to contribute nearly $10 billion to the economy and create about 10,000 new jobs by 2015.