Gov’t Launches Five-Year Creative Economy Strategic Action Plan

The government unveiled its five-year Creative Economy Strategic Action Plan at a special ceremony held last night at Dharubaaruge. 

The plan, launched by Minister of Economic Development and Trade Mohamed Saeed, aims to support the growth of the country’s creative industries.

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Formulated with the needs of creatives in mind, the action plan outlines several key initiatives, including:

• Expanding financial support and investment
• Utilising technology to develop creative fields
• Protecting creative products
• Increasing market access for creative outputs
• Investing in skills and education
• Establishing dedicated workspaces for creative professionals

At the launch, Business Centre Corporation’s (BCC) Managing Director, Ibrahim Ziyaau, described the plan as a significant boost for individuals working in the creative sector, especially young people. He emphasised the government’s efforts to build a robust creative economy, highlighting Minister Saeed’s leadership in these initiatives.

Ziyaau also noted the BCC’s pivotal role in creating a Creative Economy Fund, thanking those involved in its development. This new fund, introduced during the same event, provides up to MVR 100 million in financial support, particularly aimed at female entrepreneurs.

Applications for the fund will open on October 10, offering funding between MVR 50,000 and MVR 300,000 for creative ventures. Start-ups can also apply for loans of up to MVR 100 million.

The fund’s first year will prioritise film and music production, arts and crafts, and content creation, with plans to expand its scope in future years.

In his speech, Minister Saeed acknowledged the economic challenges faced by the current administration but stressed that President Dr Mohamed Muizzu is committed to empowering the creative talents of the nation’s youth. He also reaffirmed the administration’s focus on fostering creator and digital economies, in line with the president’s manifesto.

Saeed added that the government aims to strengthen the tourism industry, the country’s most significant economic sector, through its support of the creative economy. One of Muizzu’s key pledges includes the introduction of an MVR 100 million start-up loan scheme for women entrepreneurs, a goal to be achieved within his first 100 days in office.

Additionally, the president has announced plans for a MVR 25 million grant scheme, administered through the Youth Ministry, to help individuals and associations interested in creative upskilling. The initiative also includes support for local artists in promoting and marketing their work.