Creative Economy: New Era of Asian Economic Policy



Have you ever heard about the word “Creative Economy”?

 What does it sound to you?

Do you think this fancy word will contribute anything to the world economy sooner or later?

 

Actually, “Creative Economy” does not sound strange to me. I have known it for a few years and, fortunately, had assigned to directly deal with it when I worked for Thai Government. Yes! This idea has gained popularity in Asia. Some countries, such as, Korea and Japan, have implemented the best practices for other Asian countries. However, the definitions and implications of “Creative Economy” are still being widely discussed among many countries around the world. Why?!! Here you go…

First of all, regarding UNCTAD definition, the term “Creative Economy” is used to explain the productive process of integrating imagination, ideas, knowledge and culture to create or add new value to goods and services — making them more appealing to the market — and generate revenue to thinkers, producers, inventors and people who are involved in the process. This would lead to overall growth particularly at this critical juncture when the country is faced with several challenges arising from the global economic and financial crisis.

UNCTAD also includes 15 industries in Creative Economy as followings;- Craft, Historical & Cultural Tourism, Traditional foods, Traditional medicines, Performing arts, Visual arts, Film, Publishing, Broadcasting, Music, Design, Fashion, Architecture, Advertising, and Software. According to this definition, some countries make an argument “should Creative Economy include technological advancement and innovation or not?!!” … Therefore, this question is reasonable and debatable because the technology and innovation are also derived from the mixture of imagination, ideas, knowledge and culture. However, most developing countries prefer not to add technology and innovation into the Creative Economy definition as they will decrease their comparative advantage in the world economy.

In fact, most developing countries, especially in Asia, do believe that, by using the Creative Economy definition, they can become more competitive in the world market. They, therefore, have tried hard to implement the National Creative Economy Policy. For example,

– Korea has established the Korea Creative Content Agency (KOCCA) and Korea Culture and Arts Foundation to drive its Creative Economy.

– Japan has focused on the cultural and traditional products for many years. Therefore, it is now famous in this area.

– Hong Kong has service-oriented economy and a specific policy to drive its creative economy.

– Thailand has a plan to develop the National Creative Economy Agency and currently host the Thailand International Creative Economy Forum (TICEF) during 28-30 November 2010 in Bangkok. The TICEF aims to establish Thailand on the international stage and bring recognition to its many creative contributions. For more information http://www.ipthailand.go.th/ticef/index.html

Even though this is the first time I introduce the term Creative Economy to the MIM blog, I do believe that it will be widely discussed more and more at the soonest. As global citizens, we should keep an eye on the development of Creative Economy Idea… and let’s reconsider the above-mentioned question once again…

…Do you think this fancy word will contribute anything to the world economy sooner or later?…

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2 Comments

Filed under Business and Asia, Mao's Entries, Thailand

2 responses to “Creative Economy: New Era of Asian Economic Policy

  1. David Kiser

    I was not familiar with the “Creative Economy” term. Very interested to learn more.

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