BRICS+ eyes creative economy for investment, sees USD 4.3T market
Synopsis
The creative economy is a key area for investment and cooperation among BRICS+ countries, a TV BRICS study finds. The global market, valued at USD 2.9T in 2024, could surpass USD 4.3T by 2033, fostering innovation, jobs, and exports.
The creative economy is emerging as a potential area of cross-border investment and economic cooperation among BRICS+ countries, with creative industries increasingly contributing to innovation, employment, exports and urban development, according to a TV BRICS study.
A Booming Global Market
The global creative industries market was estimated at USD 2.9 trillion in 2024 and could exceed USD 4.3 trillion by 2033, with an average annual growth rate of 4.3 per cent. The sector currently accounts for around 3.1 per cent of global GDP, three per cent of global trade and more than six per cent of employment.
Diverse Development Models in BRICS+
The study identifies three broad development models within BRICS+: an innovation and technology model represented by China and the UAE; a hybrid model including Russia, Brazil and Indonesia; and a traditional cultural model encompassing India, South Africa, Egypt, Iran and Ethiopia.
China leads the BRICS+ creative economy by volume at USD 879 billion, followed by Indonesia at USD 105 billion, Russia at USD 87 billion and Brazil at USD 78 billion. India employs around 50 million people in creative sectors, representing 8.3 per cent of its workforce, as reported by TV BRICS.
Overcoming Sector Challenges
Experts cited in the study said the sector faces challenges including limited access to finance, inconsistent government support, digital inequality and differences in how countries classify and measure creative industries.
Georgy Grits, an economics and business expert, proposed regional financing mechanisms and cross-border initiatives to support creative entrepreneurship. Abed Amiri, an expert on BRICS economic and technological cooperation, said financial systems in several countries still face difficulties in valuing intellectual assets such as brands, software, patents and cultural content.
Pathways to Cross-Border Cooperation
According to TV BRICS, potential areas for cooperation include joint films and series, gaming, animation, digital art, design, cultural tourism and education. Compatible systems for intellectual-property protection, licensing, digital payments and cross-border transactions could further support the sector.
Building Creative Clusters
The study identifies cities such as Shanghai, Beijing, Dubai, Moscow and Mumbai as established creative and innovation clusters, highlighting the potential for BRICS+ countries to connect talent, technology, infrastructure and capital through a common creative-economy ecosystem. (ANI)