Cultural and Creative Industry to be New Economic Pillar
The cultural and creative industry is described as a big market that generates 2.2 trillion US dollars and employs over 29 million people in the research report by UNESCO.
The cultural and creative industry is described as a big market that generates 2.2 trillion US dollars and employs over 29 million people in the research report by UNESCO. It means that this industry is 6.4 times bigger than the mining industry by its export. For Mongolia, the cultural and creative industry has generated 481.4 billion US dollars, accounting for 1.4 percent of GDP, and created 33 thousand employment opportunities. Therefore, industry specialists consider that Mongolia can also benefit from its cultural creative industry by making use of it as one of our economic pillars. They also pointed out that national brand and tourism development could be leveraged by the cultural and creative industry. “In order to develop cultural and creative industry and expand our economy, we need dedicated state policy and inter-sectoral collaboration”, the specialists also emphasized. Furthermore, the global art market is shared by North America, Europe, and Asia. Especially, in Asia, China is leading the market with its architecture, cinemas, and ceramic arts, while South Korea is also considered one of the leaders by its singers, bands, movies, and television industry. Recent research showed that the cultural and creative industry would account for 10 percent of global GDP in near future. In 2020, the revenues generated from the film and video game industry were 234 billion US dollars and 173 billion US dollars, respectively. And this market will tend to be doubled within 5 years. These indications reveal that the cultural and creative industry could have a significant impact on the economy with state policy support.
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