‘Creative economy’ loses steam

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 following 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-based 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 multidisciplinary approach embracing new technologies. Under this purpose, the government “encouraged” big companies to invest in such areas, founding high-tech venture startups. The Creative Korea Expo has been a representative exhibition for the policy.