THE CREATIVE INDUSTRY IN MALAYSIA
Although the creative industry in Malaysia has been in motion for a very long time, it is still not an industry that people want to explore due to a lack of understanding about the industry and how it can enrich the lives of individuals.
The creative industry in Malaysia comprises advertising, architecture, arts, crafts, design, fashion, film, music, performing arts, publishing, television and radio. The creative industry was once deemed to be a sector that only offered marginal profits and received limited attention from all quarters. However, with the onset of the information age, this has changed and the creative industry has witnessed robust growth across the world and in Malaysia. The country has seen various institutions of higher learning offering courses in creative arts and sciences.
However, many Malaysians still push the prospects of this industry to the back of their minds. With innovation as a key instrument in the national agenda to achieve Vision 2020 and to become a high income nation, the creative industry has been identified as a key component to boost Gross National Income (GNI). In Malaysia, the Economic Transformation Programme by PEMANDU forecasts that the creative industry will contribute an RM35.7 billion incremental increase to achieve RM58 billion by 2020.
Much of the misconceptions about this industry stem from a lack of understanding and awareness on the offerings of the industry.The creative industry in Malaysia holds great potential as Malaysia is a country with excellent infrastructure and educational support to fuel the industry.
In a statement by PEMANDU, the Malaysian government hopes to achieve an annual growth rate of 13 per cent in the creative industry. The government is pushing to enhance capacity, capability and competency in the industry in order to produce world-class content and make the country a regional hub for digital content. In line with this, the Creative Content Association of Malaysia (CCAM) was formed to tap new markets for the export of Malaysian content and to help its members keep abreast with industry news and skills. CCAM also aims to encourage key players in the creative industry to collaborate and reduce market fragmentation whilst creating more effective channels for international sales. CCAM is supported by the National Film Development Corporation and the Multimedia Development Corporation (MDeC).
The Malaysian government also launched a new initiative in September 2012 called MyCreative Ventures SdnBhd, to elevate the creative industry in the country. MyCreative is a government investment arm to spur Malaysia’s creative industry via strategic and innovative funding in the form of equity or debt investments. The initiative, which was launched by YAB Dato’ Sri MohdNajibRazak, was allocated RM200 million for the advancement of the creative industry. For more information on funding, visit www.mycreative.com.my .
