DTI in Cebu City to Bolster the Creative Sector Industry
Rewritten Article:
Hop on board with Cebu City as they team up with the Department of Trade and Industry - Board of Investments (DTI-BOI) to attract investment in their burgeoning creative entertainment sector. The primary focus? A snazzy new "Fast Track" lane for qualifying investors.
Cebu City's Mayor, Raymond Alvin Garcia, is all set to ink a deal with the national investment promotion agency, aiming to kickstart joint promotion activities — think info drives, roadshows, and whatnot — to flaunt Cebu City's creative industry prowess.
A key part of this alliance is the creation of a "Fast Track" lane, a sleek process designed to accelerate the issuance of necessary permits and licenses for businesses enrolled with the BOI and other strategic investments. The goal? To bypass bureaucratic red tape and address investor concerns, making it a breeze to do business in Cebu City and the province of Cebu.
The "Fast Track" lane is just the beginning. The agreement also aims to position Cebu as a beacon for the Creative Entertainment industry, a mission that includes establishing a Creative District within the city and implementing industry-specific promotional efforts.
The Creative District, planned for Block 27 in the North Reclamation Area, is modeled after the Cebu IT Park in Barangay Apas and is predicted to generate a boatload of jobs.
According to Garcia, the Creative District will serve as a magnet for investors, offering jobs galore in filmmaking, animation, digital arts, and beyond. "Given the success of the IT Park, we're expecting similar numbers — if not more. Naturally, we'll start small," said Garcia.
The Creative District isn't just about jobs; it's also expected to beef up the city's revenue through additional business permits and taxes on real property.
The global creative and entertainment industry is a powerhouse, generating a staggering $2.3 trillion in annual revenue and accounting for 3.1% of the global GDP. This sector encompasses various areas, such as cultural and creative industries, film, and all sorts of entertainment.
In the online entertainment market alone, we're talking about a cool $99.98 billion valuation in 2024, with exponential growth on the horizon.
Garcia's ultimate vision? To make the Creative District a comfy home for the creative industry. Keep your eyes peeled for the signing of the MoU, which will take place once DTI Undersecretary Ceferino Rodolfo returns to the country.
Once signed, a series of meetings will follow, setting the stage for a bustling, job-rich Creative District and a thriving, revenue-rich Cebu City. Cheers to that!
- The collaboration between Cebu City and the DTI-BOI aims to formalize a "Fast Track" lane for investors focused on Cebu's burgeoning creative entertainment sector.
- Cebu City's Creative District, modeled after the Cebu IT Park, is planned to generate numerous jobs not only in filmmaking, animation, and digital arts but also contribute to the city's revenues through business permits and taxes on real property.
- With a projected global creative and entertainment industry annual revenue of $2.3 trillion and a staggering 3.1% of the global GDP, Cebu City aspires to develop a thriving lifestyle hub that includes fashion-and-beauty, food-and-drink, home-and-garden, and travel establishments, in addition to the Creative District.
- To alleviate investor concerns and bypass bureaucratic red tape, Cebu City's "Fast Track" lane is designed to accelerate the issuance of necessary permits and licenses for businesses enrolled with the BOI and other strategic investments in the entertainment, lifestyle, and creative industries.
- Once the Memorandum of Understanding (MoU) is signed, Cebu City and the DTI-BOI will begin holding a series of meetings to plan joint promotion activities, establish a Creative District in Block 27 of the North Reclamation Area, and implement industry-specific promotional efforts to position Cebu as a beacon for the Creative Entertainment industry.
- The vision for the Creative District is to create a comfortable environment for enterprises immersed in entertainment, fashion, food, hospitality, and real estate industries, attracting significant investments and generating countless employment opportunities in Cebu City.
