Sir Peter Jackson and James Cameron have launched a business together in New Zealand.

The pair, well-known as two of the world's biggest film directors, have been friends for years and worked closely together on the production of Avatar which came out in 2009.

According to the Companies Office, PBT New Zealand was set up on March 3, and is jointly owned by Cameron's Auckland business, T Base 2, and Jackson's Wellington business, Wingnut Films.

The four directors of the company are listed as Cameron and his wife Suzy Amis Cameron, and Jackson and his wife Frances Walsh.

It is unclear what the business has been set up for.

Cameron has significant investment in New Zealand outside of his work, having spent $20 million in 2012 for two rural properties in the Wairarapa totalling more than 1,000 hectares of land.

Cameron and Suzy also fronted an $11 million-plus campaign last year, aimed at marketing New Zealand overseas.

The Cameron family have lived in New Zealand on the coastal estate since then, dividing their time between New Zealand and California.

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In 2016, it was announced there would be four Avatar sequels, with New Zealand securing the production rights in a deal with Cameron, producer Jon Landau, Lightstorm Entertainment, Twentieth Century Fox, and the Government.

Jackson's company Weta Digital would produce all of the digital work for the films, with the first scheduled for release in 2018.

The deal includes at least $500 million being spent in New Zealand producing the second, third and fourth Avatar films.