President Trump is back to doing what he knows. No, nothing even remotely related to politics, as I said, it’s something he knows well- the man is focusing on his considerable business interests at home and abroad. Tycoon Hary Tanoesoedibjo, the Indonesian billionaire, is spearheading Lido City, an umbrella project located around 60km south of Jakarta’s capital in the Bogor area, where the Trump Organization will operate luxury villas, a resort, and a golf course. MNC Group executive chairman Tanoesoedibjo said in a text message, “For around 1,000 hectares in Bogor Regency, a special economic zone permit has been obtained. The designation means the project can benefit from corporate tax cuts, luxury goods sales tax cuts, and get some leniency on permits.” he hopes that this Movieland studio will be Indonesia’s answer to Hollywood. As per reports and projections, Lido City could attract US$2.4 billion in investment and 3.17 million tourists per year through 2038. Having said that, it was not clear whether The Trump Organization would benefit from tax breaks since MNC has not disclosed any profit-sharing schemes over the management of the properties.
The movie studio isn’t the only larger-than-life investment the Trumps are making in Indonesia. They are also collaborating with MNC again on Bali’s project that will include a six-star hotel and a golf course. I’m sure this will be a successful venture as Bali will be free of the clutches of the Covid-19 pandemic and free to resume its tourist-driven industry in full swing. Currently, Bali’s best and most well-known hotels are also lying deserted and suffering the wrath of the ongoing pandemic.
[Via: SCMP]
