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Creative Capital: The need of the hour

Creative Capital: The need of the hour

Sri Lanka is a country with a rich history and culture, and its people are naturally creative. In recent years, the government has made a commitment to developing the country’s creative industries as a way to boost economic growth and create jobs.

There is a growing body of evidence that creative capital can be a powerful driver of economic development. A study by the World Bank found that countries with a strong creative sector tend to have higher levels of innovation, productivity, and GDP growth.

Sri Lanka has a number of advantages that could help it to tap into the potential of creative capital. The country has a young and educated population, and it is also home to a number of world-class universities and research institutions.

In addition, Sri Lanka has a vibrant arts and culture scene, which provides a foundation for the development of creative industries.

There are a number of ways in which creative capital could be used to achieve Target 2048. One way is to promote the development of creative industries such as film, music, fashion, and design.

These industries can generate jobs and export revenue, and they can also help to promote Sri Lanka’s culture and identity to the world.

Another way to use creative capital is to invest in education and training. This will help to create a workforce with the skills and knowledge needed to succeed in the creative economy.

Finally, the government can also play a role in creating an environment that is supportive of creativity. This includes providing access to funding, infrastructure, and markets.

By investing in creative capital, Sri Lanka can create a more prosperous future for its people. The country has the potential to become a regional leader in the creative economy, and it can use this to achieve its goal of becoming a developed country by 2048.

Here are some examples of how creative capital has been used to achieve economic development in other countries:

  • In Ireland, the creative industries contribute over €50 billion to the economy each year.
  • In South Korea, the government has invested heavily in the creative economy, and the country is now a major player in the global film and animation industries.
  • In Brazil, the creative industries have been credited with helping to reduce poverty and inequality.
Multiple Avenues :
The film industry. The film industry is a major source of revenue for many countries. In the United States, for example, the film industry generated $112 billion in revenue in 2021. This revenue comes from ticket sales, DVD and Blu-ray sales, streaming services, and merchandise.
The music industry. The music industry is another major source of revenue for many countries. In the United States, for example, the music industry generated $12 billion in revenue in 2021. This revenue comes from album sales, streaming services, and live performances.
The fashion industry. The fashion industry is a creative industry that generates a lot of revenue. In the United States, for example, the fashion industry generated $447 billion in revenue in 2021. This revenue comes from clothing sales, accessories sales, and beauty products sales.
The tourism industry. Creative capital can also attract tourists to a destination. For example, many people visit New York City to see Broadway shows or visit London to see the British Museum. The tourism industry generated $882 billion in revenue in the United States in 2021.
The technology industry. The technology industry is a creative industry that is constantly innovating. This innovation can lead to new products and services that generate revenue. For example, the app economy is a major source of revenue for the technology industry
Sri Lanka can learn from the experiences of these countries and develop its own creative economic strategy. By investing in creative capital, Sri Lanka can create a more prosperous future for its people and achieve its goal of becoming a developed country by 2048.

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