Government To Continue Emphasise On Growth Of Creative Sector - Najib

PUTRAJAYA, Feb 17 (Bernama) -- Prime Minister Datuk Seri Najib Tun Razak said the government will continue to emphasise on the development of the creative industry which can potentially contribute to a higher gross domestic product (GDP) going forward.

He said currently, the Malaysian creative industry only contributed 1.3 per cent to the GDP compared to developed countries, such as the US, South Korea and Japan, which contributed up to seven per cent to the GDP.

Therefore, Najib, who is also finance minister, said the government has approved an allocation of RM200 million in the 2012 Budget to boost the local creative industry.

"I see that the creative industry has a really big potential to contribute to the GDP.

"In today's event, we are giving soft loans amounting to RM21 million to 15 companies. This is only the first phase. The second phase will follow at the end of this year," he said at the financing scheme presentation ceremony to 15 companies at the Perdana Putra Complex in PUtrajaya, Monday.

The 15 companies are ArtCube (visual art), Clothier Creation - Khoon Hooi (fashion), Akarkarya (music), MyPAA (performing arts), Accurve Studios (video games), DragonSlate (film), Comoddity (fashion), Pearly Wong Collection (fashion), Point College (creative academy), Fern Design (fashion), dUCK (fashion), Platinum Unik (indigenous Asli handicraft), Masakini Theatre (performing arts), Legau Sudin (creative content) and Melinda Looi International (fashion).

Also present were MyCreative Ventures Sdn Bhd (MyCreative) Chief Executive Officer, Johan Ishak and MyCreative Chairman Datuk Seri Ahmad Farid Ridzuan.

MyCreative is a government investing arm which aims to boost the local creative industry to a higher standard through strategic and innovative financing, either in the form of equity or loan.

Besides contributing to the GDP, Najib said the creative industry would also introduce the identity of a country to the outside world.

Giving an example, he said, South Korea, which focused on high technology in its culture and creativity sector, has succeeded in positioning the K-Pop in the world.

"We can achieve the same status. I am sure what we are doing today is not a starting point, but also a continuous effort towards achieving what we are hoping for, which is to position the creative industry to a higher level," he said.

Najib said the government chose to support and assist the creative industry in order to help translate the creativity of Malaysians into a sustainable industry and based on a business model which could give good returns.

"Although it is risky, we have to give the opportunity and take risks to develop the talent of local youth," he said.

Meanwhile, Johan was confident the RM200 million financing scheme would be disbursed to applicants the latest by next year, but it would depend on the business plan presented to the committee.

"Since its inception, MyCreative is still reviewing and analysing more than 100 applications received.

"We are willing to be flexible to allow interested applicants do this business," he said.

--BERNAMA