Qatar An Attractive Destination For Investors In Cultural, Creative Industries

(MENAFN- The Peninsula) Deepak John | The Peninsula

Doha, Qatar: Qatar boasts state-of-the-art infrastructure and high-speed digital connectivity, making it an attractive destination for investors in Cultural and Creative Industries (CCIS). These resources provide a solid foundation for fostering innovation and facilitating the growth of CCIS, offering a competitive edge for international investors, Invest Qatar said in its recent report.

The CCIS which lie 'at the crossroads of arts, culture, business and technology' have witnessed steady growth over the last few decades as governments have recognized their inherent contribution to economic diversification and growth

More than one third of all university graduates from public universities in Qatar are in filed specialties related to CCIS. Design, infrastructure for urban transport, and advertising and marketing lead the enterprise composition of Qatar's CCIS. It includes 12 percent of total registered businesses with Ministry of Commerce and Industry. The registered CCIS-related businesses total 23,907, the report explained.

The success of Qatar's Cultural and Creative Industries is supported by five enabling factors which include the international influence of culture, talent development and education, policy environment and support, infrastructure and connectivity, and environment for entrepreneurship and innovation.

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According to the report Cultural and Creative Industries are among the fastest growing sectors in the world, making significant contributions to the global economy. The foreign direct investments (FDI) into creative industry cluster in last two decades (2003-2023) have witnessed rapid growth ($204bn).

In 2021, the CCIs-related business activities generated more than QR20bn to the local economy which is 3 percent gross domestic product (GDP).The top three CCI-related business activities with considerable contributions are advertising and market research (QR1), computer programming, consultancy and related activities (QR1), and manufacturing of wearing apparel (QR0), it added.

The Qatar National Vision 2030 envisions the central role of culture in country's economic growth and diversification and social development. It aims at transforming Qatar into an advanced country by 2030, capable of sustaining its own development.

The report further said, Qatar is positioned to develop into a vibrant centre for artistic and cultural talent, advancing forward-thinking projects on a global scale. With a strong foundation in education, globally renowned universities, and research centres, the country has been providing a transformative landscape for creative excellence.

Qatar is solidifying its position as a modern tourism hub, deeply rooted in its rich cultural heritage, high value of national brand, and a thriving creative sector. Qatar's global image fosters international partnerships and attracts international visitors.

The country is strategically positioning itself as a hub of opportunities, fostering growth, innovation, and preservation of CCIS. Solid institutional frameworks, combined with a clear vision of culture's vital role, lay the foundation for a promising future.

Incentives and support programmes are designed to encourage and foster creativity by providing artists and entrepreneurs with financial assistance and a variety of resources. Most common incentives and support programmes for CCIS are: tax incentives, grants and funding programmes, access to finance, cultural heritage preservation.

Nurturing creative talent for CCIS involves a multi-dimensional approach that focus on talent development and attraction. Nurturing creative talent includes training, upskilling and reskilling existing talent, nurturing future talent, attracting creative talent.

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