JUAN DOLIO, Dominican Republic, June 12, 2013 /PRNewswire/ -- Pinewood Indomina Studios initiated operations of its Water Tank today marking the visit by the President of the Dominican Republic, Danilo Medina.
Felipe Vicini, Chairman of Indomina's Board of Directors, accompanied by Hugo Swire, Minister of State of the United Kingdom's Foreign and Commonwealth Office and Nicholas Smith, member of the Board of Directors and Commercial Director of Pinewood Shepperton plc. welcomed the Dominican President and conducted a tour of the Pinewood Indomina Studios facilities.
During the tour they attended the making of a film scene recreating a tropical storm on its unique water tank and visited the sound stages, workshops, production offices, media park facilities. The new facilities will become fully operational by the end of the 2013.
Vicini highlighted the strength and reliability of Dominican legal frameworks supporting and fostering a constantly growing foreign investment flow.
"The competitiveness of the Dominican Republic as a preferred film and TV production destination, is a result of an array of the fiscal measures offered in the country. A key component is the powerful set of film incentives, introduced in the Cinema Law which allows film and TV content producers to partially finance their projects by obtaining a transferable tax credit worth 25% of the total eligible expenditures incurred by the Dominican registered production entity" said Felipe Vicini.
The International Finance Corporation, member of the World Bank Group, is directly investing US$ 20 million dollars in Indomina, in addition to facilitating US$ 10 million dollars through a loan syndication placed in the international banking market. Indomina has invested in excess of US$ 35 million dollars in the construction of Pinewood Indomina Studios, and will reach a total invested value in the region of US$ 70 million dollars once the construction of the first phase is completed.
With headquarters in Santo Domingo and offices in Los Angeles, Indomina's global operations include the development, production and financing of motion pictures and television content.
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