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Beyond the talk: Creative industries drivers of diversification

Farley J Joseph TT has given the world soca, calypso, steelpan and a Carnival unlike any other. Our creative talent is recognised globally, and for more than two decades, successive governments have named the creative industries as a potential driver of diversification. This vision, however, has been devoid of the type of sustained policy attention, investment and structural support required to turn this vision into reality. The conversation itself seems to be fading. A decade ago, the creative industries frequently appeared in budget speeches and diversification strategies. Today, they are mentioned less often and still without the concrete, well-resourced action plans needed to unlock their full economic potential. The importance of the creative industries Globally, creative industries are among the fastest-growing sectors, contributing over three per cent of world GDP according to UNCTAD and employing millions. They span a wide range of activities including music, performing arts, film, fashion, craft, design, gaming, animation, advertising and cultural tourism. These sectors not only generate jobs and foreign exchange, but they also strengthen national identity and global influence. Countries that have taken the creative economy seriously have reaped tangible benefits. The UK’s creative industries contribute over £100 billion annually to its economy. Jamaica earns significant export revenues from its music and cultural tourism. South Korea’s investment in K-pop, film and gaming has transformed its global image and driven billions in exports. For TT, the creative industries could play a similar role; our Carnival, music, literature and fashion already have a global audience. The challenge is converting this cultural capital into sustainable economic returns. The current state in TT Despite our distinctive cultural heritage and a vibrant diaspora eager to consume and promote our culture abroad, there are persistent structural weaknesses. [caption id="attachment_1173367" align="alignnone" width="1024"] Farley J Joseph, managing director, FAVOURTECH Ltd. -[/caption] Governance for the sector has been channelled through CreativeTT, which until recently oversaw MusicTT, FilmTT and FashionTT. These have now been merged into Global TT to align creative, tourism and investment efforts. While the consolidation may improve co-ordination, these entities have long operated with limited resources, making it difficult to fully support industry growth. This is compounded by restricted financing options for creative micro, small and medium enterprises. Many talented creative entrepreneurs are still contending with the business impacts of the covid19 pandemic and are unable to access the capital they need to scale their operations. Skills gaps remain in intellectual property management, digital marketing and export readiness. Too often, policy initiatives are launched without consistent follow-through, which results in promising projects that fail to deliver lasting impact. Five actions to make the sector a true driver of diversification 1. Establish robust policy and governance structures The inclusion of CreativeTT into Global TT offers a unique opportunity to align creative, tourism and investment portfolios under a unified vision. If supported with adequate resources and a strong mandate, this structure could streamline decision-making, strengthen partnerships and deliver more co-ordinated programmes. [caption id="attachment_1173368" align="alignnone" width="1024"] -[/caption] By setting measurable targets, fostering collaboration across ministries and maintaining stability across political cycles, Global TT can become the driving force that turns long-recognised creative potential into sustained economic results. 2. Revamp education and skills development Some local universities now offer arts training with elements of entrepreneurship, digital skills and intellectual property management. Training, however, must go beyond generic arts management to address the business realities of specific creative sectors. In music, that means understanding publishing, licensing, copyright law, digital distribution and emerging revenue streams. In film, it could involve production financing, distribution rights and festival strategies. In fashion, it might be supply chain management, brand licensing and export logistics. This specialist approach will help creative professionals produce world-class work and monetise, scale and protect it. 3. Invest in infrastructure and market access Physical spaces such as recording studios, co-working hubs, rehearsal spaces and performance venues are essential. It is also important that we create indigenous digital platforms for distribution and promotion of our creative outputs. To complement these, export facilitation programmes covering logistics, market intelligence and international showcasing should be standard. 4. Redesign finance and incentive mechanisms Apart from limited film incentives, most existing tax breaks depend on large businesses investing in creative firms. This places incentives at the wrong point in the value chain and assumes that established companies are the best vehicles for investment. Instead, creative firms should be empowered directly through targeted tax breaks, creative venture funds and low-interest loans so they can take and manage risks, innovate and expand without relying on corporate sponsorship. These incentives should be easy to access, based on merit and track record and offered to legally registered and tax-compliant firms. 5. Implement an internationalisation strategy The diaspora is a ready-made export market. Partnerships within Caricom and with countries in Africa and the Pacific can open new channels for cultural exchange and trade. A co-ordinated export promotion strategy should position our creative products such as music, film, fashion and craft, alongside other high-value exports like premium rums, fine cocoa and chocolate, luxury leather goods and Carnival tourism packages. Presenting these sectors together under a strong national brand can strengthen market visibility, attract investment and reinforce TT’s reputation for quality, creativity and cultural distinctiveness. Moving forward If we get this right, the creative industries could become a reliable non-energy growth engine generating diversified foreign exchange earnings from music, film, fashion, design and other exports. This growth would create more high-value jobs, particularly for our rising creative class of young people. It would also strengthen TT’s global brand in ways that attract tourism, investment and cultural exchange. The time for token mentions in speeches has passed. If we are serious about diversification, then the creative industries deserve the same strategic, structural and financial attention given to other priority sectors. Our culture has always been world-class. The question is whether we will continue to treat it as a seasonal spectacle or finally build it into a permanent pillar of our economy. Our membership in the TTCSI is a step in the right direction as we seek to create a successful pathway for growth and sustainability.   The post Beyond the talk: Creative industries drivers of diversification appeared first on Trinidad and Tobago Newsday.