A government initiative is afoot to integrate various potential sectors of 'creative economy' into the mainstream to create high-value creative employment, increasing export earnings, ensuring cultural enrichment, and establishing social coherence.
Officials say the initiative has been taken as part of the election pledges of the Bangladesh Nationalists Party (BNP)-led government that came to power through an election in February last on the cusp transition from the post-uprising interregnum.
Globally, the creative economy has some US$2.0 trillion worth of business transactions annually, employing at least 50 million people.
The UN Trade and Development (UNCTAD) agency says human creativity, culture, knowledge and intellectual property are considered major assets. Creative economy is relatively less dependent on physical infrastructure, is youth-intensive, and innovation-driven growth generator.
Sources say Finance and Planning Minister Amir Khosru Mahmud Chowdhury Monday held an inter-ministerial meeting at his office where mainstreaming the creative economy into the country's economy was discussed.
Finance Division officials placed a concept paper in the meeting where representatives from the other ministries described their plans on the mainstreaming of the creative economy.
In its election pledge the government has said it wants to generate employment for over half a million youths in various potential sectors of the creative economy and attain the contribution of the sector to the gross domestic product (GDP) at 1.5 per cent.
Also stated are its plans to build regional creative hub and launch performance-based grants scheme to give a boost to the sector alongside launching a national brand namely "Created in Bangladesh" to highlight creative potential at international festivals and markets.
Finance officials have listed culture and heritage sector, arts and performing arts, media and entertainment industry, including social-media content, publishing and literature, design and creative services, IT and digital creativity, tourism and cultural industry, fashion and lifestyle industry, corporate and brand, among the sectors of the creative economy.
The meeting was told that contribution of creative services exports in developing countries has been on the increase over time--from 10 per cent in 2010 to 20 per cent in 2020.
"A major structural shift is taking place in the global economy - and Bangladesh must seize this opportunity," a senior finance division official was quoted to have told the meeting.
In the United States, the contribution of creative economy is 4.2 per cent of GDP while in the Philippines 7.3 per cent, in India 2.5 per cent, and in Indonesia 7.28 per cent. The Finance Division also identified a number of impediments that hinder boosting creative economy in Bangladesh.
The list of hindrances include weaknesses in enforcement of intellectual property rights (IPR), policy and institutional constraints, limitations in financing and investment, especially for startups and small entrepreneurs, technological and infrastructural limitations, and weakness in domestic/international market entry and branding.
Also presented were suggestions for making available funds for creative economic sectors through banks and financial institutions, and the formation of a special venture fund/startup fund for this sector.
syful-islam@outlook.com