The term “creative economy” puzzled many when President Park Guen-hye was inaugurated in February and declared it as her administration’s economic paradigm. By June, the government came up with its own definition — “combining creative ideas with science and information and communications technology (ICT) to help create new businesses, markets and industries and to generate more jobs.”
Along with the definition, the government announced six strategies. Starting a business will become easier, with proper rewards for creative ideas. Small and medium enterprises will play a lead role in an economy that large conglomerates or chaebol have traditionally dominated.
The government also plans to encourage the integration of science and ITC into existing industries to add value and competitiveness. It also wants to educate students to foster creativity and entrepreneurship, and plans to invest more in science and ICT. The last strategy is to create a culture where good ideas are freely communicated and brought to reality.
Although the government has laid out somewhat specific goals and detailed plans to achieve them, the public is still learning to understand what a creative economy is, while foreigners remain largely confused. The Korea Times’ Business Focus talked to foreign experts to hear their perception of a creative economy and the most important ways to achieve it. The four interviewees visited Korea in June to participate in the Global Industry and Economy Forum 2013, which the state-run Korea Development Institute and the Ministry of Strategy and Finance organized.
For full article, see Korea Times.