Economic Development Minister Steven Joyce had this to say about the announcement.
"The Avatar sequels will provide hundreds of jobs and thousands of hours of work directly in the screen sector as well as jobs right across the economy."
James Cameron is planning to shoot Avatar 2, Avatar 3 and Avatar 4 successively and in a period of about nine months. Although a budget has not been officially disclosed, the director is expecting all three project to cost under $1 billion to make.
The original won three Academy Awards and is the highest grossing film in history, bringing in more them $2.7 billion worldwide. Fox and Lightstorm Entertainment will be producing the sequels.