Walt Disney Studios has announced it's to film the remake of Pete's Dragon in New Zealand.

The production will be based at Stone Street Studios in Wellington.

Shooting will take place in several locations around the country including Bay of Plenty, Wellington and Canterbury - employing hundreds of local craftsmen and crew members.

Film New Zealand worked with Walt Disney Studios as it assessed New Zealand for the production.

Chief executive Gisella Carr says it's significant move for the country and they look forward to welcoming Disney back.

Production is to begin early next year.