Los Angeles / London / Dominican Republic.– Indomina Group, the fast-growing U.S. and Dominican Republic based producer and distributor of film, TV and trans-media content, announced today it has entered into a partnership agreement with the world-renowned Pinewood Studios Group, which will operate, manage and market a new state-of-the-art film and television facility in the Dominican Republic. A ground breaking ceremony headed by Dominican President Leonel Fernández inaugurated the facility today.
Located in the beach town of Juan Dolio on the Dominican Republic’s southern coast, about 40 miles east of Santo Domingo, “Pinewood Indomina Studios” will be a full-service, world-class production facility for film, TV, and other related media content, servicing the growing Caribbean, Southern and Central American markets as well as Hollywood and the rest of the world.
The first phase of construction consists of four sound stages totaling 7,344 sq meters (79,050 sq ft) and ancillary support facilities totaling 20,027 sq meters (215,569 sq ft) within a 27.4 acre (1,196,531 sq ft) site. Commencement of initial operations is expected by early 2012.
Growth in spending on filmed entertainment in Latin America is expected to rise at a 4.5 percent compound annual rate to $3.1 billion in 2013 from $2.5 billion in 2008. Box office spending is expected to increase from $1.3 billion in 2008 to $1.7 billion in 2013, a 5 percent compound annual growth . Pinewood Indomina Studios will target production companies wanting access to the Caribbean, Central and South American markets and its population of 580 million as well as the 47 million strong Hispanic and Latino market in North America .
As a production location, the Dominican Republic offers well-established infrastructures, reasonable labor costs, a technically-skilled workforce, and a secure and stable environment. Together with the unmatched production values that the Pinewood name guarantees, Pinewood Indomina Studios promises to be both highly competitive and on the cutting edge of technical and creative content.
In a significant show of support for not only the new studio but the film industry as a whole, the National Congress of the Dominican Republic has passed into a law a new bill that will provide a tax credit of up to 25% for feature films and TV series shot in the Dominican Republic (meeting traditional predetermined criteria). The new tax incentive, a first for the Dominican Republic, is now in effect.
Indomina Group Co-Chairman and CEO Jasbinder Singh Mann said: “The ground breaking ceremony for Pinewood Indomina Studios marks a major step forward in Indomina’s evolution. Building and operating a world-class production facility in the Dominican Republic has always been an integral part of our vision for the company, and we’re delighted to be doing so with a partner as distinguished and experienced as Pinewood.”
Commenting on the announcement Ivan Dunleavy, Chief Executive, Pinewood Shepperton plc said: “I am pleased that we have reached an agreement with Indomina Group which is developing these world class film studio facilities to service the Caribbean, Central and South American markets. These state of the art facilities will, when combined with the diverse locations for filming in the Dominican Republic, be attractive to regional film and television makers as well as international producers.”
Dunleavy added, “This represents further progress in Pinewood’s strategy to leverage the strength of our brand internationally. The Pinewood brand stands for excellence in the global film industry and is coveted by those wishing to establish their credentials in film. We have strategically targeted regions of the world where significant incremental growth has been forecast.”
The formal groundbreaking ceremony takes place today, Wednesday the 23rd of February 2011 at 10:00am local time in Juan Dolio, Dominican Republic.
Source: Dominican Today