Introduction:
The Egyptian state, under the leadership of President Abdel Fattah El Sisi, pursues balanced, sustainable development that will definitely lead to sustainable economic growth. Therefore, the Egyptian government, led by Prime Minister Moustafa Madbouli, seeks localizing economic concepts that can maintain resilience and balance of the Egyptian economy to face up to international challenges; secure a proper climate to attract investments, and ensure the optimal utilization of human capital in light of international changes and developments.
Countries have turned to localizing knowledge and creative economies and supporting relevant industrial and technological sectors in order to weather economic challenges and difficulties they face, in addition to diversifying sources of income and achieving sustainable growth.
The world has been keen over the past years on transitioning from the traditional economy based on material elements of production to the knowledge-based economy based on creativity and innovation, utilization of human capital, in addition to supporting and incentivizing the business community to build capacities, enhance digital transformation, and promote knowledge and creative capabilities. The United Nations Conference on Trade and Development (UNCTAD) defined the creative economy in its first report issued in 2008 as “an evolving concept based on creative assets potentially generating economic growth and development.” Under this definition, the creative economy is an economy based on the evolving and marketing of creativity through interaction between three essential elements: human creativity, the use of technology, and investment in knowledge. The creative economy represents about 7% of the global gross domestic product (GDP), standing at over $4 trillion.
