The Lido SEZ, also known as MNC Lido City, is estimated to attract investments worth US$2.4 billion and employ 29,545 people over the next 20 years.

“We hope that the Lido SEZ will promote tourism in Indonesia. Tourists coming to West Java must have international quality, they have to be premium [tourists] bringing in premium foreign exchange,” Coordinating Economic Affairs Minister Airlangga Hartarto said in a press statement on Thursday.

Indonesian tycoon Hary Tanoesoedibjo, who is also executive chairman of the MNC Group, first announced in 2017 the plan to develop a world-class theme park with a resort and a golf course in the area in partnership with the Trump Organization.

The Trump Hotel Collection is to manage a resort, a golf course and a country club, as well as other facilities to be developed on around 700 hectares of the Lido SEZ.

The Joko Widodo administration, in which Hary’s daughter Angela is the current Tourism and Creative Economy deputy minister, last week announced the Lido SEZ in Bogor regency and the Java Integrated Industrial and Port Estate (JIIPE) in Gresik, East Java as the country’s latest SEZs.

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Publicly listed property developer MNC Land is to construct the MNC Lido City project. The company has reportedly developed 3,000 ha of hilly land located around 60 kilometers outside Jakarta for the MNC World Lido theme park, which is to include a movie studio complex as well as concert venues.

“For around 1,000 hectares in Bogor regency, a special economic zone permit has been obtained,” Hary said as quoted by Reuters.

The park is estimated to attract 63.4 million domestic and foreign tourists by 2038 at 3.17 million tourists per annum and contribute around $4.1 billion to the economy over two decades.

MNC Lido City is eligible for the 100 percent tax holiday of up to 20 years for businesses that invest Rp 1 trillion (US$71.92 million) or more in SEZs under Finance Ministry Regulation No. 237/PMK.010/2020. The policy can then be extended as a 50 percent tax reduction for two additional years.

PT MNC Studios International (MSI), a subsidiary of the MNC Group, on Sunday broke ground on a 21 ha site to develop the Movieland movie studio complex.

“We have prepared Movieland as a production location for film and television drama series and over-the-top [OTT] providers that integrates all stages of production with a controlled environment concept,” MSI managing director Ella Kartika said in a press statement on Sunday.

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After initially aspiring to develop a new Disneyland on the site, Hary said that MSI would wholly control Movieland and expressed the hope that it would become Indonesia’s version of Holllywood.

Meanwhile, the new SEZ in Gresik is to host the metals, electronics, chemicals, energy and logistics industries for an estimated $16.9 billion in potential investments. The port city is located about 21 kilometers from the East Java capital of Surabaya.

At full operation, the Gresik SEZ is expected to contribute $10.1 billion in exports per annum, develop import substitution for metals and chemicals and employ 199,818 workers.

The Office of the Coordinating Economic Affairs Minister said that the country’s SEZs had attracted a combined total of Rp 70.4 trillion ($5.07 billion) in investment commitments. By the end of last year, SEZs had realized investments of Rp 23.1 trillion, created 19,951 jobs and contributed Rp 5.2 trillion in exports to 30 countries.