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The Stage Is Set:

by Adam Bruns

Like actors on an audition, nations, states and regions around the world are competing for a share of the global explosion of film and TV production work. Puerto Rico is ready for its callback.

The island’s overall creative industries sector boasts more than 1,590 companies and a workforce of more than 16,500. Around 100 films were shot there between 2016 and 2019, and a recent study documented 72 more since then.

“Puerto Rico competes very favorably with other jurisdictions,” Antonio J. Sifre, one of Puerto Rico’s leading entertainment attorneys, tells me. “Several of our clients have compared Georgia and Puerto Rico and find that the net result is very similar in terms of costs and blended tax credit.”

The popular “Cobra Kai” series was scheduled for six days of shooting on the island in December, says Rosi Acosta, director of the Puerto Rico Film Commission. “Gordita Chronicles,” a series from Sony Pictures TV, Zoe Saldana’s Cinestar Pictures and Osprey Productions that is headed to HBO Max, just wrapped. The independent film “The Plane,” with a budget of $65 million, shot in Puerto Rico for 40 days. The reboot of “Fantasy Island” will return for a second season soon.

Roselyn SánchezPuerto Rican star Roselyn Sanchez portrays Elena Roarke in Fox’s reimagining of Fantasy Island, filmed in Puerto Rico and returning soon for a second season of production. Photo by Miller Mobley courtesy of Fox Media

Sifre says the island’s crews and infrastructure capabilities are top notch and get great reviews. The enjoyment level of the talent on hand for the production is the icing on the cake.

“For extended projects such as large features and series, Puerto Rico has a competitive advantage, because nonresident talent, producers and crews enjoy the island and all that it has to offer as an amazing tourist destination,” Sifre says.

Acosta says the presence of the same unions as well as the same intellectual property and copyright laws as the U.S. further instills confidence in producers, directors and writers. She too points out the simple pleasures of life on the island. Whether filming, doing business or just enjoying your life, it’s “10 minutes to the banking district, 20 minutes to the jungle and 20 minutes to the beach.” As for locations, she says, “We can double for U.S. cities pretty easily, and for any Latin country. In that regard, Puerto Rico is more versatile. We can do Miami in the blink of an eye.”

Just Add Sweeteners

For work on films, TV series, music videos, video games and film festivals, the Puerto Rico Incentives Code (Act 60) offers tax credits that include up to 40% for production expenses paid to Puerto Rico residents; up to 20% for production expenses related to payments to non-resident workers; and up to an additional 15% of production expenses paid to Puerto Rico residents (with a $4 million maximum) for co-productions with local producers. Among the findings in a September 2021 report from local firm Estudios Técnicos: A total of 72 productions and post-production events occurred in Puerto Rico between fiscal years 2020 and 2022, with a combined investment of $376 million; 9,648 direct, indirect and induced jobs; and total direct and spillover economic output of well over $1 billion.

Rosi-Acosta

Rosi Acosta

Incentives set the stage. A related opportunity, once tax credit availability is assured, is the stages themselves.

“Besides retrofitting existing industrial buildings and warehouses, Puerto Rico would benefit from state-of-the-art soundstages to capture more types of series and features,” Sifre says. “Puerto Rico should look also into attracting CGI and animation companies that could bring to the island the latest technologies in virtual production. There are various college programs in Puerto Rico training students in these arts and there are already local companies that would benefit from partnering with stateside companies with more experience, and access to clients and capital.”

The Creative Technologies Studio, also known as StudioLab, is one of those college programs. Located at Universidad del Sagrado Corazón, it has more than 100 students engaged in developing 3D animation, virtual reality and video games, and a healthy roster of project engagements.

Places Please

Acosta, a 35-year industry veteran, points out that Puerto Rico was one of the first U.S. jurisdictions to create film industry incentives, in 1999.

“We are working toward developing a sustainable industry and making it work in such a way that, regardless of the government in power, what we leave behind can be shatter-proof,” says Acosta, noting programs that encourage Puerto Rican producer and writer development. “Anyone who comes after me will have a path.”

During the pandemic, Invest Puerto Rico opened a new office in New York City, and will open a California office in the coming year, says Rodrick Miller, Invest Puerto Rico CEO, increasing InvestPR’s efforts to promote the island as a competitive investment destination. “The success of Puerto Rico’s creative industries is fortified by the island’s proximity to the U.S., highly skilled, bilingual crews, versatile locations, and favorable film industry tax incentives. For businesses in these industries, there is also direct access to a robust network of organizations and government support,” he says. “This vibrant sector is ready to welcome industry innovators seeking to make the most of business and investment opportunities in a thriving ecosystem with business-friendly policies and a proven track record of creative excellence in film, TV, music, art and more.”

Acosta says big studios such as Warner Brothers, NBC Universal and Sony are all on board. Her team is ready to release RFIs and RFPs for soundstage proposals.

“Now you see hedge funds actively investing in these types of developments” observes Joe Allen Garcia, president of Entertainment Partners Puerto Rico. “Puerto Rico has very attractive sites. It is the perfect time for building a studio.”

New InvestPR offices in two of the world’s biggest entertainment capitals? Infrastructure investors champing at the bit? Savvy industry leadership with longevity, quality and young talent development foremost on their minds?

Quiet on the set, please. And … action. 


This Investment Profile was created under the auspices of Invest Puerto Rico. For more information, visit www.investpr.org.

Life Sciences

The Stage is Set

Charleston USA has earned a reputation as a hard-hitter in attracting foreign investment in recent years. Yet with a population of around 730,000, the Charleston metropolitan area is only the 78th-largest in the United States, and has been known in the past more for its appeal to international tourists than as an industrial hub. Could biomedical companies soon join blue-chip names from Boeing to Daimler, Google to Robert Bosch, in making the region their home?

“Charleston may not be the biggest region, says Mike Graney, vice president, global business development, at Charleston Regional Development Alliance, “But this has its advantages, making it easier for companies to conduct their business, network locally and gain access to key academics at the local Medical University of South Carolina [MUSC], for instance. And although we haven’t traditionally had a broad base in the biomedical sector, things are changing dramatically. There’s a whole variety of programs under way to ensure that we can supply all that companies require, in terms of specific skills and talents.”   

Andy Reding, US general manager at Trumpf Medical Systems, which has had a presence in the region since 2000, has lived in Charleston for 20 years, and has witnessed the growth of the local business network over that time. He notes the region’s ability to draw in big name companies.

“It’s not really normal for an area of this size to get the Boeings, Daimlers, Volvos coming in,” he says. (Charleston is the only metro area in the world manufacturing both cars and wide body planes.) “But when people come here they become aware of all that Charleston has to offer. If you want to do business in the US, you really need to have a local presence, and the East Coast makes sense for European companies in terms of time zones and logistics. To me, Charleston feels like it’s moving forward, with new infrastructure, real estate and retail. There’s an amazing sense of momentum here.”

More than 800 bioscience companies and institutions employ 15,520 people with an average annual wage of $55,233 in South Carolina. Life sciences businesses and institutions impact 46,032 jobs, according to a 2012 study by the Battelle Institute. SC Bio, a state-level industry organization, says healthcare and the biomedical field are among the fastest-growing sectors in the state, with employment in life sciences having grown by 45 percent over the last 10 years.

Let’s Get Technical

Such growth hasn’t necessarily been borne out thus far in corporate facility investment projects. Since early 2012, Site Selection’s Conway Projects Database has tracked just a handful in Charleston, including New World Pharmaceuticals ($21 million and 38 jobs at a new HQ) and Aeterna Zentaris ($1 million, 60 jobs in North Charleston), with similar numbers alighting in the metro areas of Columbia (the state capital), Greenville-Spartanburg and Fort Mill, part of the Charlotte, N.C., metro area.

Scrolling through the hundreds of projects that have come to the state in that time shows the strong presence of the automotive and mechanical/equipment sector. But that may prove to be a stepping-stone for the life sciences.

Reding recognizes the role of the local education system, and the skilled workforce the region is able to produce — particularly in areas like technical manufacturing and electro-mechanics. “The local high schools here are offering really good technical training in a bridge to the technical college — there’s great work going on in terms of workforce preparation. And companies are investing back into the system. Boeing, for instance, has made major investments in the local technical college.”

A key attraction for companies like Trumpf Medical is the potential for access to skills at MUSC, which, as the region’s largest biomedical employer, with nearly 13,000 workers, carries out research projects worth more than $230 million a year. “We’re able to get a level of access here that I just don’t think would be possible in other metropolitan areas,” says Reding. “MUSC has been very welcoming and open to working with us, and the hospitals here see it as part of their responsibility to help grow the local business community.”

MUSC’s reputation for talent cultivation is only growing better, as it prepares to launch a new Center for Medical Innovation and Entrepreneurialism.

Within MUSC, the Office of Research and Sponsored Programs (ORSP) allows businesses to support relevant research programmes at the university, and the Foundation for Research Development (FRD) provides a platform for the marketing and licensing of MUSC technologies to corporate partners.

Since it became MUSC’s technology transfer office in 1998, FRD has filed patent applications on more than 320 technologies, executed 148 licenses and spun out more than 46 start-up companies. And the university has an increasingly impressive record in this area: Technologies developed through MUSC (and involving companies such as SphingoGene Inc, FirstString Research and MicroVide, LLC) obtained a record 69 patents in fiscal year 2015.

“To have so many technologies successfully go through such rigorous review, both domestically and abroad, speaks to the novelty of the technologies that are being created at MUSC,” said Jesse Goodwin, the research foundation’s deputy director.

Ready to Partner

MUSC’s reputation has led to collaborations and partnerships with companies worldwide that are choosing to make the university’s business-oriented programs a key part of their development strategy. Last year, after Aeterna Zentaris Inc, a specialty biopharmaceutical company developing novel treatments in oncology and endocrinology, chose to locate its newest North American business and global commercial operations in the area, it subsequently announced that it would transfer its discovery library of around 100,000 compounds to MUSC as part of a long-term research relationship.

MUSC Charleston – Research Centers
  • Dedicated research centers include the Hollings Cancer Center, which received official designation by the National Cancer Institute; the SC Clinical and Translational Research Institute; Rehabilitation Sciences and a Marine Biomedicine Research Center.
  • The SC Clinical and Translational Research Institute supports accelerated development, translation and transfer of new therapies and diagnostics for the benefit of the broad community MUSC serves.
  • Two research centers — the Drug Discovery Building and Bioengineering Building — opened in October 2011 in the heart of MUSC’s campus, dramatically increasing MUSC’s research space, promoting scientific discovery and economic development. They offer sterile labs for manufacturing, R&D, and house programs in Cancer Drug Discovery, Biomedical Imaging, Structural Biology, Neurosciences and Genomics, offering tremendous opportunities for accelerated technology transfer and partnership.

And opportunities for collaboration with MUSC are set to increase, as it moves ahead with plans to create a Center for Medical Innovation and Entrepreneurialism, whose remit is to promote entrepreneurship, leverage the expertise of peer institutions and partner with industry.

At the same time, the university has set up a new unit focusing on developing and licensing new technologies in neuroscience, using a model which it is hoped will be scaled up to include other areas of study. In September the Institute for Applied Neuroscience (IAN) licensed a new spine surgery product to Amendia, Inc, a leading provider of innovative medical devices used during spinal surgical procedures.

“This first license is a validation of our unique innovation incubator/technology accelerator model, demonstrating our ability to transform ideas into valuable healthcare products and make a difference in patients’ lives,” said IAN’s Chief Development Officer Ted Bird. “We have reviewed over 100 invention disclosures over the past two and a half years and have activated eight projects, six of which are ready for commercial licensing.” With this sort of success, IAN sees potential to expand out beyond its current focus exclusively on neuroscience technology, and to increase some of the work it currently undertakes for licensees, to develop their ideas with the help of IAN engineers.

Ted Bird is clear about the opportunity this, and the wider network in the Charleston Region, offers to biomedical businesses locating there. “In fact MUSC already offers companies located in the Charleston area an incredible resource,” he says. “So overseas companies coming here are not only locating in an area where costs are competitive and it’s very easy to recruit, but they also have access to MUSC and its units, where there is fantastic potential for companies to establish themselves, carry out clinical trials and develop their products locally — and as a result, speed up the whole innovation and product development process.”


This article was written under the auspices of the Charleston Regional Development Alliance, with supplemental data provided by Site Selection/Conway Inc. Alison Semple is a business and media consultant specializing in international investment strategies. After starting her career in business journalism with the BBC and the Financial Times, she joined Oxford Intelligence, developing the company’s services for government agencies and companies worldwide, before becoming a Director at OCO Global, headquartered in Belfast. She currently works with a wide range of local and national authorities in Europe and North America, and is based in Oxford, UK.