Prospects of Creative Economy

Alongside the agricultural and industrial economies, the creative economy is now gaining importance, in which human talent, culture, innovation and creative skills are the regarded as main assets. The BNP's election manifesto included the development of the creative economy as an important issue, which can be considered a strategic initiative to diversify the country's economy, create employment and utilise the potential of the young population.

The creative economy refers to all economic activities where creativity, knowledge, cultural heritage and intellectual property are the main sources of production and income. These include music, film, drama, publishing, graphic and fashion design, architecture, software, gaming, advertising, media, handicrafts and digital content.

This sector is growing rapidly worldwide. Many developed and developing countries are giving importance to the creative industry as a new driving force for their economic growth. It is because this sector is capable of creating more jobs with relatively less capital and has a high participation of young and educated people. Bangladesh has a rich cultural heritage, a large young population and a rapidly expanding digital infrastructure, which can be useful in expanding the creative economy.

Second, the connection between culture and economy. Although culture has long been viewed as a social or traditional issue, in the BNP's view, it is a potential economic sector. Third, access to digital and global markets. The underlying goal of this policy is to create opportunities for domestic creative products and services to be showcased in the international market using digital platforms.

Japan has combined its traditional industries (i.e., manga, anime, fashion and design) with modern technology. Through the Cool Japan Strategy, the government has turned creative products into global brands. Some general lessons can be learnt from the experiences of these countries, such as that it is important to recognise the creative economy as a separate policy sector, investment in education, skills and technology is essential, and copyright and intellectual property protection must be ensured. And culture and economy must be coordinated. The creative economy is not just the development of culture; it is an effective development strategy.

If the BNP forms the government, it is expected to adopt several practical strategies to develop the creative economy. It is necessary to develop separate policies, funds and supporting institutions for the creative industry. Expanding technical and higher education in the fields of fine arts, design, media, animation, gaming and digital content will strengthen the foundation of the creative economy.

It is necessary to create loans, grants and access to domestic and foreign markets on easy terms for small entrepreneurs and artists. The creative sector cannot be sustainable without ensuring copyright, trademark and design protection. Legal reform is important in this regard.

However, there are some challenges on the path of developing a creative economy. Infrastructural limitations, lack of policy consistency, political instability and lack of good governance can hinder the development of this sector. In addition, the weak connectivity of rural and marginal artists with the mainstream market is also a major problem.

Finally, the development of the creative economy can be considered as a timely and promising initiative. With the right policies, political will and effective implementation, this sector can diversify the country's economy, increase employment and showcase Bangladesh's culture in a new way in the world. A long-term planning and an inclusive approach are essential to turn promises into reality.