The sequels will be made back-to-back with a combined budget of an estimated USD 415 million on live action and visual effects, reported Variety.
The deal announced by producer Jon Landau and New Zealand Prime Minister John Key was made after the government agreed to increase film tax rebates up to 25 per cent from the current 15 percent.
In return, the government will host at least one official red carpet premiere.
"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," Economic Development Minister Steven Joyce said.
The first 'Avatar' led by actors Sam Worthington and Zoe Saldana was released in 2009 to a commercial and critical success.
The movie is the highest-grossing movie with USD 2.78 billion worldwide. It was partly shot in New Zealand.
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