Santo Domingo.- Iván Reynoso, former president of the Dominican Film Association (Adocine), revealed that the film industry booked over 150,000 hotel rooms in 2023, contributing around $15 million to the tourism sector. In an interview on Contacto 360, Reynoso discussed the potential impact of proposed law reforms that would remove incentives for the film industry, making it difficult for the Dominican Republic to remain competitive with 116 other film destinations, all offering similar incentives.
Reynoso emphasized the importance of attracting foreign investment to diversify the economy beyond tourism, free trade zones, and remittances. He noted that globally, over $240,000 million is invested annually in film production, with $5 billion in Latin America alone. The Dominican Republic saw around 12,000 million pesos in foreign film investment in 2022.
The former Adocine director highlighted the emerging nature of the country’s film industry, which has developed over the last 10 years, compared to other industries with 40 to 50 years of growth. He warned that the removal of incentives could lead to the industry’s collapse, affecting over 25,000 jobs and 375 companies, 88% of which are small and medium-sized enterprises (SMEs). Reynoso stressed that without incentives, the country would struggle to provide the necessary services to attract foreign productions.
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Publish date : 2024-10-14 01:10:00
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