Referring to the cultural and creative industry as the "fourth pillar" of economic growth, Premier Sean Chen on July 19 said creativity not only reflects a nation's lifestyle but can also be tapped as a source of economic profit.
After hearing a report on the Ministry of Culture's (MOC) strategies for guiding the industry, the premier expressed his hopes that cultural and creative products would deliver the quality and assurance of the labels "created in Taiwan," "designed in Taiwan" and "made in Taiwan."
Culture and creativity is one of the emerging industries selected by the government for priority development, Premier Chen pointed out, and unlike its developed counterparts, the industry's businesses tend to be smaller with assets difficult to price. He recommended that the MOC plan in phases and conduct market surveys before reformulating sector-specific guidance strategies. Central government agencies were urged to work closer with each other and with local authorities to carry out these strategies.
Underscoring the importance of funding for bringing creative ideas to market, Chen said the industry has in the past encountered many problems finding venture capital. He asked the Council for Economic Planning and Development to offer intermediary assistance.
Premier Chen pointed out that the multinational visual effects company Rhythm & Hues Studios chose Kaohsiung as the location for its newest office last year. It is a successful example of attracting investment and technology from global leaders in the cultural and creative industry, the premier said, adding that such experiences are well worth sharing with others.
For the future, the MOC indicated it would gear its policies toward transforming value into profit. Measures will include:
- Promoting open data access and their value-added applications.
- Establishing a cloud-based platform that matches creative projects with investors.
- Using the same content across different media to increase profit returns.
- Enhancing industry value through cross-sectoral collaboration and integration. (Partnering cultural engines such as film and television with literary, visual and performing arts, for instance.)
- Turning cultural contents into globally marketable products with value-added innovation.
To help local businesses make inroads into overseas markets, the MOC also sponsors outstanding Taiwanese entrepreneurs for participation in exhibitions in Hong Kong, Tokyo, London and Shanghai. They may also attend Taiwan trade fairs held in mainland China organized by the Taiwan External Trade Development Council. These events help to market Taiwan's image and its cultural and creative brands, said the MOC.