IDB CREATIVES OF THE CARIBBEAN
Arts Festival
Washington, DC
In Collaboration with Caribbean In Transit and the Smithsonian Center for Folk life
and Cultural Heritage
Creative and Cultural Industries:
Despite some definitional variations, the creative industries can be described as "those
having their origin in creativity, individual skills and talent and have the potential to
create wealth and employment through the generation of intellectual property."
Central to this paradigm is the fact that creativity, knowledge and access to information
are increasingly recognized as powerful engines driving economic growth and promoting development in a globalizing world. According to a recent joint study of the Inter-
American Development Bank(IDB), Organization of American States (OAS), and the British Council, calledThe Economic Impact of the Creative Industries in the Americas, creative
and cultural goods and services are increasingly traded in international markets,
highlighted by growth in creative exports at over 10% per annum for much of the past
decade. Furthermore, Latin America and the Caribbean account for 14% of world creative exports.
These industries involve a diverse array of sectors including film, music, visual and
performing arts, advertising, crafts, design, fashion and architecture as well as cultural
goods and services. As such, the developmental impact of the creative and cultural economy has become a leading component of economic growth, employment, trade and innovation, and social cohesion in most large and advanced economies.Unfortunately, however, developing countries such as those in the Caribbean have not yet been able to completely harness their creative capacity to its fullest potential. This may be a reflection
of weaknesses both in domestic policy and in the business environment. Nevertheless, the creative economy offers developing countries a feasible option and new opportunities to leapfrog into emerging high-growth areas of the world economy.
More details can be found at the link below:
