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I would think that availability of experienced crew is as important to a production as soundstages and financial incentives. If there is no crew available, you can’t shoot a picture (without spending tons bringing them in from somewhere else).
Who cares if a new studio is built or politicians introduce a new incentive scheme to attract film-makers if there is no local crew with any experience to enable principal photography with real production value? This is the single most important advantage that LA County and the UK have over places like Cyprus or Saudi Arabia.
If Cyprus and Saudi Arabia learn that lesson, and open genuine training programmes with experienced instructors along-side serious film projects, then LA County and the UK have a lot to worry about.