Indef Urges Increase in Foreign Exchange Earnings from Creative Economy Sector

The creative economy is widely discussed and even has its own dedicated ministry, but its actual contribution remains relatively low. In reality, if we look at its potential, it is immense, stated Avilability during the ANTARA Business Forum held in Jakarta on Wednesday.

Aviliani, a senior economist at the Institute for Development of Economics and Finance (Indef), urged an increase in the country’s foreign exchange earnings from the creative economy sector, including the music, gaming, tourism, and artisan industries.

Aviliani outlined three main strategies that can be utilised. The first is the ‘Red Hot Industry’ pillar, which comprises gaming, music, animation, and digital services. She explained that the potential to be developed through this pillar lies in the enhancement of digital talent.

The second pillar is the artisan sector, consisting of traditional textiles (wastra), coffee, tea, and crafts. According to her, this pillar can be expanded further because the added value can reach 25 to 1,000 times the original cost if developed properly.

The third pillar is ‘multi-event’, which includes sporting events, concerts, and MICE (Meetings, Incentives, Conferences, and Exhibitions). Aviliani cited how Singapore successfully attracted tourists from various countries through hosting Taylor Swift’s concerts.

“Taylor Swift is famous, indeed. Once she was in Singapore, the whole world came there,” said Aviliani.

Such breakthroughs, she noted, also need to be developed in Indonesia to serve as major tourism attractions.

Aviliani stated that while the manufacturing sector is vital for job creation, the creative economy sector plays a crucial role as a creator of added value and foreign exchange for the nation.

“We actually have the potential there. Therefore, if this can be developed, there could at least be an upward trend in terms of foreign exchange,” concluded Aviliani.