Cultural and Creative Industries rapidly growing
Tapping into the Cultural and Creative Industries (CCI) can boost economic growth and create jobs.
That’s the firm belief of Business Development Officer, Ramona Grandison, who was at the time delivering the 2019 Elsie Payne Memorial Lecture hosted by the Queen’s College Association on the topic “The Creative Industries – Offering Opportunities”.
In 2015, the sector generated 1.9 million jobs in Latin America and the Caribbean, and revenues of $124 billion. However, she noted that in Barbados, the CCI, according to a 2016 study recorded 1.64 million in turnover and 2100 to 3000 jobs.
“We can do better,” she said, insisting that there are economic opportunities. Within the Barbadian context, cultural industries are categorised as Arts and Culture, Design and Media.
“The Cultural and Creative Industries are the fastest growing sector, faster than Telecom… It is about four per cent growth. This number sounds small but there are some industries that only grew about 0.5 per cent last year, so when you grow at four per cent that is large and its moving fast and we need to catch up.”
In fact, the QC graduate who is assigned to the National Cultural Foundation (NCF) Business Development Department, explained that the cultural and creative industries are “recession proof”.
“There are predictions of a possible recession in 2021. What are we going to do when people start to make less money and our tourism drops? We need something to make up that shortfall and that could be the cultural and creative industries which actually shows growth during recession… When people are sad and down they look to creative things to make them feel better,” she pointed out.
“It is recommended by the UNDP that Small Island Developing States use the cultural and creative industries to enhance our own profile…It is an easy entry point, you don’t need a lot of land for it, you just need people and Barbados has a lot of good, amazing people. Also, it has great return on investment.”
Get Involved
Furthermore, Grandison reminded fellow alumni gathered, which included Governor General of Barbados Dame Sandra Mason, that the Cultural Industries Development Act provides for investment into the cultural and creative industries.
Provisions have been made for the private sector to be able to invest in the cultural industries, and do so in a way that would allow for their investment to be given the necessary tax write off.
“Do you know that any amount that you invest in a cultural entrepreneur, or a cultural project you get 100 per cent on your taxes? So, there are incentivizing people to invest. You don’t need to have a lot of money, a creative will happily accept $100 from you and turn it into $500 and into something beautiful, and you get that $100 back on your taxes.”
“So, you can support these individuals, you don’t need to be the one singing, dancing - you just can be the person supporting them. And what if you don’t have money, assist in another way. If you have a skill, you can barter, if you are an accountant you can offer your accounting services,” she suggested. (TL)