World Creativity and Innovation Day: Way for Unlocking Economic Potential
As the world celebrates World Creativity and Innovation Day on Sunday, Saudi Arabia has launched Saudi Innovation Club, reported the Saudi Press Agency (SPA).
The Innovation Club aims to promote the culture of innovation through creating a motivating community and environment to exchange expertise, develop creativity skills, simplify innovation concept, raise awareness of its significance, and highlight the role of volunteers in supporting innovation.
The Club president, Engineer Majed bin Anzzan, underscored the pivotal role of the Innovation Club in supporting those interested in innovation.
He said, “We aspire for the Saudi Innovation Club to be an innovation gateway that enhances the culture of innovation and encourages the acquisition of its skills.”
World Creativity and Innovation Day
The United Nations has designated April 21 as World Creativity and Innovation Day to raise awareness of the role of creativity and innovation in all aspects of human development.
The World Creativity and Innovation Day aims to get the world to embrace the idea that innovation is an essential tool for utilizing the economic potential of nations.
Innovation, creativity and mass entrepreneurship can serve as a catalyst for achieving the Sustainable Development Goals (SDGs). It can employ economic growth and job creation, while increasing opportunities for everyone, including women and youth.
It can also offer solutions to some of the most urgent issues, such as poverty eradication and the elimination of hunger. That is why creativity and innovation have emerged as the most valuable asset for nations in the twenty-first century.
Creative Economy
While there is no single definition for the creative economy, it can be described as a dynamic field that benefits from the interaction between human creativity and ideas and intellectual property, knowledge and technology. In essence, it is the knowledge-based foundation for the “creative industries.”
Creative industries, such as audiovisual products, design, new media, performing arts, publishing and visual arts, are a highly transformative sector of the world economy, driving income generation, job creation and export earnings.
Today, creative industries have become one of the most dynamic areas in the global economy, presenting new opportunities for developing countries to enter high-growth sectors of the world economy.
Emerging Trends
According to the UN, culture and creativity represent 3.1% of global Gross Domestic Product (GDP) and 6.2% of all employment. Cultural exports doubled in value between 2005 and 2019, reaching US$389.1 billion.
The 2022 UNESCO report, Re|Shaping Policies for Creativity – Addressing culture as a global public good, provides insightful data on emerging trends at a global level, in addition to offering policy recommendations to enhance creative ecosystems that help in achieving a sustainable world by 2030 and beyond.
Green Innovation
Creativity and innovation play a crucial role in achieving the 2030 Agenda for Sustainable Development and the 17 SDGs. Green technologies, which are used to produce goods and services with a reduced carbon footprint, are flourishing and providing more economic opportunities.
However, without decisive action, many developing countries could miss them. The United Nations Conference on Trade and Development (UNCTAD), through its Technology and Innovation Report 2023, urges government to align environmental, science, technology, innovation and industrial policies.
