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aimhi news page archive from October 2006
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World Bank to Invest in Content Creation
The World Bank has revealed it plans to invest heavily in content-creation and media companies -- predicting the creative industries will be the next big boom following the massive growth of technology, according to the organization. Encouraged by the transformative impact that telecommunications, particularly mobile networks, have had on developing countries in Africa and elsewhere, the World Bank's private-sector investment arm plans to expand the scope of its investments to include content providers, according to a senior executive.
"We are looking into how we can invest into content and creative industries," said Mohsen Khalil, the director of global information and communication technologies for the World Bank and its private-sector arm, the International Finance Corp. (IFC).
The move to invest in content companies comes as part of a shift to invest more broadly in technologies and applications that help spur economic and social development. "We're looking at TMT: telecommunications, media and technology. It's not just technology anymore," Khalil said.
In recent years, the mobile telecommunication sector in Africa has proved to be very profitable, with high financial returns for operators and investors. Moreover, the networks have been a boon for the citizens of many African countries. "It has a tremendous effect on economic development and growth," he said.
That was not always the case. "We ventured into cellular very early, ahead of others, including private enterprise. Our first investment in cellular was in 1989 in a project in Zaire," Khalil said, referring to the country now called Democratic Republic of Congo.
The World Bank and IFC are hoping to make an equally prescient move by pushing into media and content investments early. "We're looking at what is the next cycle, what will make the most impact," he said.
23 October 2006
Drag On Up to Scotland
Plans are afoot to get Oscar-winning director Peter Jackson to shoot his next fantasy blockbuster in Scotland.
The filmmaker behind the juggernaut box office smash Lord Of The Rings bought up the rights to a series of fantasy novels set in the Scottish Highlands and is adapting it for the big screen. Once obscure fantasy writer Naomi Novik sets her story about dragons in the Great Glen area and has expressed her desire to see the film stay faithful to the book. As a result, Scottish Screen is already planning a full charm offensive to win the film for Scotland.
Spokeswoman Celia Stevenson said: "We fully appreciate that Peter Jackson may want to film a lot of it in his native New Zealand, but we will be fighting our corner to be involved in what would be an incredible project for Scotland."
Scotland's national tourism agency, VisitScotland, said: "There is considerable evidence to show that having big blockbuster films that capture the beauty and character of a country provide inspiration, and are a real draw for visitors from all over the world and in Scotland. We have seen this with the success of Braveheart 10 years after it was filmed and most recently with The Da Vinci Code phenomenon."
23 October 2006
Leading Economist Endorses Creative Industries
In a commentary on The Herald published October 1, 2006, Jeremy Peat warned that the UK government was overlooking the growth potential of Britain's creative industries. The former chief economist of the Royal Bank of Scotland and current head of the David Hume Institute said the Scottish growth rate for the creative industries was staggering, with GVA up threefold in basic prices since 1998 and more attention should be paid to this remarkable success story.
Peat said that growth in the sector will continue to outstrip that of the total economy, not just domestically but globally, in the years ahead. As the extent of "discretionary" spend increases for more consumers across the globe, so demand from a variety of components of this sector will expand apace. He also stated that this is a sector where Scotland can and should be internationally competitive on a sustainable basis – because it will be quality and innovation that count. Unlike many traditional fields in manufacturing, this is not a bulk-standard sector where the low labour cost producers can work their market-share miracles.
02 October 2006
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