Investing in creative industry policy goes global
Recently there has been a shift in the ideas surrounding many a nation’s prosperity—a movement toward cultivating intangible capital (ideas and innovation) as opposed to physical capital.
Today, Thailand announced that it would create an agency to fund and promote the nation’s creative industries, as well as develop a new policy committee on creative economy that will draft action plans and allocate funds to the private sector. Specifically, the focus will be on industries such as advertising, architecture, arts, film, multimedia and design.
In the Bangkok Post, Pansak Winyarat, chief policy adviser to the premier said “Thailand no longer had an edge in commodity exports such as rice, sugar or rubber as suppliers with lower costs had emerged in the world market and creative economy should take over as the major income source for the Thai economy.”
Thailand is not alone. According to the United Nations Development Programme (www.undp.org) most developing countries throughout Africa and Southeast Asia— particularly high- and middle-income developing countries—rely nearly exclusively on such commodity exports for their financial survival, and have been experiencing significant drops and fluctuations in the value of those commodities.
Thailand may be paving the way, butI will not find it surprising if we continue to see policy changes similar to those in Thailand instated in other nations in the near future.
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