Essentially it is the knowledge-based economic activities upon which the "creative industries" are based, according to the United Nations Conference on Trade and Development (UNCTAD).
The products could be cultural, artistic, and designer goods and services, among other things.
During the First World Conference on Creative Economy (WCCE), initiated and hosted by Indonesia, at least 15 hundred participants from 30 countries vowed to promote stronger international political commitments to address the challenges and seize the opportunities in the creative economy.
"In this era of globalization and advanced technology, the creative industry has become a game changer. As one of the most dynamic sectors, creative economy contributes significantly to the economic growth in many countries," Triawan Munaf, chairman of Indonesian Agency for Creative Economy (Bekraf), stated in his opening remarks during the 1st WCCE held in Nusa Dua, Bali, Nov 6-8, 2018.
The participants expressed their commitment to strengthening the role of government, the private sector, media, civil society, business council, and academia in the creative economy.
Indonesia has initiated the establishment of a virtual and/or a physical center that promotes exchanges, collaborations, and international cooperation in the field of creative economy.
The Center of Excellence for Creative Economy to be based in Indonesia is expected to help the advancement of the objectives of a creative economy at the global level and the achievement of sustainable development goals (SDGs).
The Center of Excellence will function as a platform for creative economic stakeholders from around the world to connect ideas, resources, information, and business concepts.
The participants also emphasized the need to foster the development of e-commerce and intellectual property as tools to drive growth, narrow the digital divide and generate digital solutions for developing and least developed countries (LDCs).
The creative economy could become an important means to achieve the SDGs and Agenda 2030.
Besides these, they encouraged the promotion of the role of women and youth in the creative economy, and their participation in the development of, among other things, small and medium-sized enterprises, start-ups, and the entertainment industry, which would help enhance social cohesion and impact.
The commitments and expectations were stated in a 21-point document called `Bali Agenda for Creative Economy`, produced at the end of the conference themed `Inclusively Creative`.
The contribution of Indonesia`s creative industry to the gross domestic product (GDP) in the last three years continues to increase.
The creative economic sector has contributed to more than 7.4 percent of Indonesia`s GDP.
In 2015, the sector had contributed Rp852 trillion to the GDP, while in 2016, the figure reached Rp923 trillion, and increased to Rp990 trillion in 2017. The figure is projected to reach up to Rp1 thousand trillion in 2018.
The creative economy industry has absorbed nearly 17 million workers, who are nearly 14 percent of the total workforce, with more than 54 percent of the creative economy workers being women.
Go-Jek, Traveloka, Tokopedia, and Buka Lapak are Indonesian startups with "unicorn" status, or companies that have assets worth one US$1 billion or more.
Experts on Creative Economy have predicted that Indonesia will produce more unicorns in the future.
President Joko Widodo recently said the city of Bandung is prepared to become a creative hub.
"We have everything here, including content creator and creativity. It is open and can respond to global changes very well, ensuring that we do not get left out," said the President during his opening address in the Bandung Creative City Forum on Nov 10, 2018.
The government has been supporting and promoting the creative economy by carrying out continuous improvement and simplifying regulations that could potentially halt development in both the creative industry and the digital economy.
"I always say to my ministers to not formulate complicated regulations in regard to digital economy and creative economy," he said.
Science, information technology and the digital industry have continued to emerge and develop further.
"I would once again like to welcome the creative and digital economy in our country, which has been quickly received and welcomed by the city of Bandung," he noted.
Meanwhile, Indonesian Foreign Minister Retno Marsudi expressed optimism that Indonesia would be able to become a creative economic capital in the Southeast Asia region.
"I am sure that soon Indonesia will become a regional creative economic capital in Southeast Asia," Marsudi remarked during the WCCE organized jointly by BEKRAF and the Foreign Affairs Ministry.
She noted that Indonesia`s rich cultural heritage allowed the country to develop its creative, fashion, culinary, arts and crafts, and entertainment sectors.
These sectors have become an anchor for the Indonesian economy, which have helped the nation remain strong in the face of the global economic crisis.
With the growth of technology and increasing incomes from emerging economies, it is apparent that the creative economy will become the future of the global economy.