Culture and the Creative Economy in Colombia
Leveraging the Orange Economy
In 2017, Colombia launched a novel public policy to stimulate the creative economy, building on the success of previous policy initiatives to support the cultural and creative sectors. The Orange Economy policy is unique for its transversal approach to supporting the creative economy and mainstreaming culture across diverse policy portfolios, beyond cultural policy. The report provides a comparative overview of Colombia’s culture and creative sectors relative to OECD peers and reviews progress in policy implementation. It provides a specific focus on Colombia’s push to foster creative districts as tool for local development across the country, including policy examples based on nine districts across the globe. The report maps the financial ecosystem for the creative economy in Colombia. Recommendations draw on international good practice to suggest ways Colombia can best leverage creative economy opportunities.
Colombia’s public financial ecosystem for the creative economy
Colombia has mainstreamed financial instruments for the creative economy extensively across government. Colombia’s direct public financing mechanisms build on good practice and reinforce the creative economy strategy. Subnational governments benefit from specific tax instruments and are the direct funders of cultural heritage, infrastructure and cultural activities. State-owned banks have grown their role. Financial instruments have been rapidly adjusted to support the creative economy through the COVID-19 crisis. A financial ecosystem is maturing around CoCrea, a Public Private Partnership (PPP), which is developing its role as a network coordinator and tax credit emitter.
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