World Recognition

The Federation of Korean Industries holds the Special Committee on Creative Economy on July 10 to analyze the government’s creative economy policy.
The Federation of Korean Industries holds the Special Committee on Creative Economy on July 10 to analyze the government’s creative economy policy.

 

The Ministry of Science, ICT & Future Planning held a meeting on Dec. 23 to review the outcome of the Korean government’s creative economy policy. At the conference, the ministry mentioned the establishment of 17 Centers for Creative Economy & Innovation as the most significant achievement of this year. The number of companies housed in these centers soared from 45 to 509 in 2015 alone.

“The 17 centers have attracted an investment of 108.8 billion won [US$93.39 million], created 238 jobs and contributed to a sales increase of 28.9 billion won,” the ministry explained, continuing, “They also recorded a satisfaction index of as high as 81.4 by providing assistance in terms of financing, marketing, business model and product development in tandem with large corporations.” It added that the funds for venture investment have expanded to 2.2808 trillion won along with tax deductions for angel investment so that the startup ecosystem can be enriched. The number of venture firms in Korea recently exceeded 30,000, with that of angel investors soaring, while the amount of new venture investment reached 1.8 trillion won, the largest since the venture boom in 2000.

Under the circumstances, the Korean government’s creative economy models are regarded by an increasing number of countries worldwide as a new model to beat the low-growth trap. For example, OECD Secretary General Ángel Gurría praised the creative economy as one of the most successful and universal national innovation strategies. In addition, Korea ranked first on the Innovation Union Scoreboard of the EU for two consecutive years. A number of countries such as Saudi Arabia and Brazil have asked for cooperation with regard to the introduction of the centers, too.

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