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  • Archive for February, 2014

    South Korea’s “creative economy” – 6 strategies

    February 12th, 2014  by  Asia-Pacific Global Research Group - Jasper Kim

    south-korea-welcomes-bill-gates-push-creative-economy-initiative
     
    South Korean President Park Geun Hye’s agenda for the economy’s second miracle on the Han River is under the title of “the plan for Creative Economy-Measures to Create the Ecosystem for Creative Economy.”
     
    But what does “creative economy” mean exactly? Now that the Korean president has had time to adjust and initiate her policies, we begin to see what the policy mantra of “creative economy” means as a matter of policy:
     
    The post-Great Recession global economy has witnessed a shift in focus of value creation to the “innovative technology and creative idea (creative economy)” away from labor and capital, reflecting the 20th century industrial economic ecosystem–towards knowledge and information technology, reflecting a 21st century economic ecosystem and knowledge-based economy.
     
    The “creative economy” policy hopes to leverage the country’s cutting-edge technology, culture, and art. The policy’s focus has been placed on supporting and expanding small-to-medium businesses that can lead to job creation up the value chain. South Korea also mapped out the strategy (creative economy plan) for a unique and value-added creative economy that fully leverages its comparative advantage in its ICT capabilities towards creativity-driven growth, moving beyond the catch-up growth strategy based on imitation and application. The creative economy economic policy initiative presents the vision and objectives of the so-called creative economy. Putting together and integrating the tasks of several government ministries, related tasks have been identified jointly by such respective government ministries since late March 2013. The opinions of the various ministries were accepted and reflected in the administration’s creative economy plan.
     
    Creative Economy – Policy Summary:
    ◎ Presentation of 3 major goals, 6 strategies
    The creative economy plan envisions three goals to create an economic ecosystem for fostering a creative economy in a new era of hope and well-being of the general public:
    ▲ Creation of new jobs and market through creativity and innovation
    ▲ Strengthening the global leadership of the nation’s creative economy with other global economies
    ▲ Respecting creativity and promoting creativity within society
     
    The 6 strategies are as follows:
    ▲ Creating an economic ecosystem where creativity is fairly rewarded where business startups are easier (Strategy 1)
    ▲ Promoting venture capital firms and small-to-medium businesses playing a leading role in the creative economy and make inroads into global markets (strategy 2)
    ▲ Creating the growth engine for pioneering new industry and markets (strategy 3)
    ▲ Fostering the global creative human capital talent who have the vision and wherewithal to become a vital part of the creative economy (strategy 4)
    ▲ Expanding the nation’s science technology and ICT innovation capabilities, which lay the foundation for the creative economy (strategy 5)
    ▲ Initiating the creative economic culture that promotes the involvement of both government and people (strategy 6)

     
     
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