Rapport: Creative Economy and Financial Environment

The Forum considered the NORTHERN DIMENSION PARTNERSHIP ON CULTURE (NDPC) highly desirable as a facilitator for the development of cultural and economical cooperation in the ND region and beyond. The Round Tables concluded that the Partnership will be an efficient tool in fostering links between cultural operators and in promoting cooperation of culture and business as well as “visibility of regional and local cultural identities and heritage” in line with the Northern Dimension Policy Framework Document.

The Forum’s main objectives were:

1. The signing of the NDPC Memorandum of Understanding by the European Union, the Russian Federation, Iceland and Norway.
2. To introduce the NDPC as a complement to the already existing cultural cooperation and exchange in Northern Europe. NDPC is not a funding programme. Its main objective is to provide a platform for exchange of best practices, dialogue and meetings with stakeholders representing public and private sectors as well as different sectors of cultural life, and to facilitate dialogue between cultural actors and the business community in order to seek areas of mutually beneficial cooperation and the development of the creative economy.
3. To discuss the possibilities and challenges offered by the creative economy concept and related issues such as conceptualisation and customisation, value chain approach, mobilisation of resources and intellectual property rights.
4. To introduce and discuss some thematic and sector-specific best practice s and to contribute to the creation of shared visions and understanding for identification and prioritization of concrete NDPC related opportunities.

The key conclusions and outcomes were:

• The NDPC initiative and its objectives offer new perspectives for the cultural cooperation and for cultural and creative industries in the ND area.
• The Creative Economy is understood as an opportunity for innovation and wealth creation combining the potential of arts, culture, technology and business.
• The Forum paid attention to numerous policy programmes focussing at the same target – a shift of paradigm from manufacturing and capacity to service and opportunity oriented welfare provision. In order to facilitate and implement the shift of paradigm there is a need for common views on strategies and means. Cooperation on common challenges, development of financial environments as an example, was recommended.
• The Forum made a proposal for facilitation of a pilot based risk and reward assessment and evaluation exercise focusing on creative economy processes and projects, SMEs and entrepreneurs. The participants are supposed to be invited among interested private and public providers of finance. Pilots should represent various sectors of creative industries and spread over ND area. The exercise would also deliver views and recommendations related to e.g. use of guarantee and micro finance instruments.
• The Forum suggested the facilitation of seminars and workshops – both general and sector-specific – to create networks and cooperation and to develop shared views and strategies requested for unlocking the potential of the cultural and creative industries.