Creative economy loses steam

By Kim Tae-gyu

The Ministry of Science, ICT and Future Planning (MSIP) opened the Creative Korea Expo 2016 in Seoul Thursday to boost the incumbent administration’s priority of achieving a creative economy.

The four-day run, which was well accepted in the past, is unlikely to draw many people this year as interest in the policy has fizzled out after the corruption scandal involving President Park Geun-hye erupted.

The fair, which was initiated in 2013 after Park’s inauguration, was not crowded on the first day which saw the President absent, unlike in the past three years.

Against this backdrop, concerns are springing up that the creative economy is losing steam with her potential departure just as the green growth initiative did with the exit of her predecessor Lee Myung-bak.

“The chances are that the next president will not proceed with the creative economy idea, which has lost steam after allegations that Park’s aides were illegally involved in related policies,” said a Seoul analyst who asked not to be named.

“In fact, I am not sure whether the next president will forge ahead with the MSIP, a new ministry established by President Park.”

The creative economy was Park’s basic economic tenet in her campaign platform. She tried to galvanize the economy through a multi-disciplinary approach embracing new technologies.

Under this purpose, the government “encouraged” big companies to invest in such areas, founding high-tech venture start-ups. The Creative Korea Expo has been a representative exhibition for the policy.

Seventeen innovation centers were founded across the country to stimulate the creative economy with conglomerates allegedly forced to operate them.

There was criticism that the idea behind the creative economy lacked clarity and detailed content. And the idea faded after Park’s shadowy confidant Choi Soon-sil was suspected of having meddled in associated projects.

Some even said that the MSIP should not have hosted the expo this time around.

Former President Lee sought a green growth agenda, which was geared toward chalking up sustainable growth while protecting the environment through substantially reducing gas emissions.

Under his stewardship, the country carried out various programs including the establishment of the Global Green Growth Institute, a think tank that was later converted into a global treaty-based organization.

However, few seem to talk about green growth now and observers say that the creative economy is expected to face the same fate with the inauguration of the next government.