We have an emerging cultural industries sector that, if properly managed, resourced and supported, can in my view become the bedrock upon which our economy will thrive.
There are those, not alive today, who journeyed for the cause, worked hard in the cultural arena and despite their outstanding talent, never realized the just fruits of their labour.
No one, of course, can guarantee the future success of any artist. But while there are risks involved with any investment, it should be noted that the potential returns for this venture are extremely high.
One only need look to the career of Rihanna.
While it is difficult to make accurate estimates, it would be safe to say that Rihanna has earned over $200 million so far in her career.
Not only have we made the Cultural Industries a key plank of our growth strategy but the Ministry of Finance has committed to placing significant financial resources at the disposal of this sector as a means to realizing economic expansion and growth of our foreign reserves.
While financing of the sector has been the biggest bugbear for years, this bill recognizes that Government alone cannot provide the financial anchor but opens up avenues through tax and other fiscal incentives for the private investor to come on board.
The potential for the cultural industries to make a significant contribution to national economies has been receiving attention from governments and international institutions on a global scale. It has been formally acknowledged that these industries
• are becoming increasingly important components of today’s knowledge-based economies;
• account for higher than average economic growth and job creation; and
• are vehicles of cultural identity that play an important role in fostering cultural diversity.
What makes the Cultural Industries so attractive as a tool for economic success is that of all the sectors globally, this sector has been the most resilient and resistant to the global recession. In fact, it has hardly been affected by it. It therefore represents a relevant model for us in Barbados.
Unfortunately, research has shown that developing countries such as Barbados are not currently benefiting from the potential of their creative economies despite the richness of the cultural expressions, talents and diversity of these countries.
For example, of the 132 developing countries, 85 have never produced one commercial film; accounted for only three per cent of world markets for paintings and approximately four per cent for sculptures.
Barbados has long acknowledged the essential role of creative artists and cultural organizations in mirroring the intrinsic values and characteristics of the society.
In 1974, the Crop Over Festival was revived and while it has enhanced the quality of our tourism product, it has permitted us to celebrate ourselves as a people: our arts, our food, our total heritage.
The Crop Over Festival will be celebrating 40 years in 2014.
These two events alone provide an avenue for thousands to earn a living through the Cultural Industries.
• This is a summary of the presentation made by Minister Lashley last week in Parliament during debate on the Cultural Industries Development Bill.