Hong Kong's creative industries are set to be bolstered by large-scale government support after Chief Executive Tung Chee-hwa claimed the cultural and creative industries were the answer to boosting the territory's economy.
Tung's policy address promises measures to prop up creative industries including design, architecture, advertising, film and digital entertainment - all forecast to become major growth areas.
At the same time, unemployment - especially in low-skilled industries badly hit by Hong Kong's rapid transition to a knowledge-based economy - will be tackled by the creation of more low-skilled jobs in the fields of construction and tourism.
``Hong Kong is well positioned to develop cultural and creative industries. We have a rich variety of cultural activities and lifestyles conducive to inspiring creativity,'' Tung said on Wednesday. ``Cultural and creative industries account for only about 4 percent of our GDP, compared with 8 percent in the United Kingdom. Obviously, there is still scope for growth.''
Hongkong has joined the likes of Singapore, the United States, New Zealand, Australia, Canada, Austria, Netherlands, and Scandinavia in focusing on the creative industries as a platform for growth. Last year, the Bush administration announced new tax breaks that treats the creative industries such as filming and architectural design on par with traditional industries like steelworks and automobile manufacturing.