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Shockwave in Creative Economy: Thailand’s Largest Public-Private Partnership Unleashes Unprecedented Growth Potential!

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The Creative Economy Agency (CEA) has teamed up with 15 alliance networks to bolster cooperation in the creative industries, with an emphasis on “Creative Business Transformation.” This partnership aims to advance Thailand’s creative industries, strengthen its position in the creative business market, extend business opportunities, enhance Thai Soft Power, and ultimately boost economic value. It also seeks to develop a more comprehensive strategic approach for the country’s creative industries in the future.

Dr. Chakrit Pichyangkul, Executive Director of CEA, highlighted the crucial role the creative economy has in spurring economic growth through knowledge creation, using creativity and intellectual property rooted in cultural backgrounds, amassing social knowledge, technology, and innovation. These factors help produce new products and services to drive up economic value. In 2020-2021, UNESCO estimated that global creative industries suffered a decline of more than 24.8 trillion baht, with 15 Thai creative industry branches diminishing by 23% to 1.19 trillion baht.

As Thailand’s primary organization for the promotion of the creative economy, CEA has taken effective steps to boost the competitiveness of creative entrepreneurs and industries on a global scale. The agency consistently provides valuable creative knowledge and skills necessary for adapting to the ever-changing world of economy, society, and digital technology, which significantly impacts lifestyles. With various forms of creative economy policies in place, CEA’s collaboration with 15 partners through the signing of the MoU marks a significant milestone in propelling Thailand’s creative economy ahead.

The MoU signing ceremony, themed “Creative Business Transformation,” exhibits strong cooperation between public and private sectors, combining expertise from diverse fields. The partnership primarily focuses on four dimensions:

  1. Collaboration in community business network, business management knowledge, and sales and marketing: Joint efforts from the College of Management, Mahidol University (CMMU), the Community Development Department of the Ministry of Interior, and Shopee (Thailand) Company Limited will research and develop these sectors to cater to national and international market needs.
  2. Cooperation in innovative knowledge and technological adaptation for the future of creative businesses and industries, involving the Thailand Institute of Scientific and Technological Research (TISTR) and PTT Public Company Limited.
  3. Collaboration to facilitate greater access to capital resources for the growth of creative industries, with shared guidelines established through cooperation between the Export-Import Bank of Thailand (EXIM Bank), Sinwattana Crowdfunding, SME Development Bank (SME D Bank), and the National Innovation Agency (NIA).
  4. Partnership in the creative content industries, with jointly agreed guidelines to promote Thai content internationally, working with Netflix (Thailand) Ltd., Music Copyright (Thailand) Ltd., Thai Entertainment Content Trade Association, the National Federation of Motion Pictures and Contents Associations (MPC), Radio-Television Broadcasting Professional Federation (RTBPF), and the Thai Film Director Association.

CEA is delighted and honored to receive cooperation from esteemed organizations through this partnership. Dr. Chakrit stresses that collaboration with public and private sector agencies is crucial for creating effective policies and strategies to enhance the capabilities of business entrepreneurs and creative enterprises. This partnership will not only fortify the local economy but also generate more job opportunities and revenue from local creative products. It supports various aspects such as knowledge, marketing, business management, packaging, product design, the adoption of advanced technology for production and online marketing, and connecting local creative products to domestic and international commercial markets. Ultimately, this collaboration will contribute to Thailand’s Soft Power, enhancing the country’s image globally and attracting more tourism and exports.

Moreover, a seminar on “Creative Economy Foresight & Transformation” was organized, featuring prominent speakers from respected organizational networks and agencies. The seminar aimed to encourage the exchange of ideas among agencies involved in the creative economy. The discussions centered on policy formulation, innovation, and technological development to enable creative businesses to adapt to the ever-evolving world. Other topics included expanding knowledge in creative business management, sustainable business investment guidelines, effective access to capital resources, and the potential of Thailand’s content industry. These discussions enabled stakeholders in the creative industries to shape policies and project future trends that will improve Thailand’s economic competitiveness.

This integrated partnership between public and private sector agencies marks a crucial step in driving Thailand’s national economy and creative industries towards increased efficiency, aligning with the national strategy. Through the adoption of knowledge, creativity, technology, and innovation, the country’s potential can be realized, leading to comprehensive development in all dimensions and the creation of economic value for Thailand in the future while gaining recognition on the global stage.

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