Creative Industries as Tools of Economic and Social Development

The creative economy, which was previously unacknowledged now accounts for 6.1% of the world economy and is recognized as a global sector with an estimated annual value of 4.3 trillion USD. The creation of jobs, the improvement of skills, the lowering of inequities, and the improvement of quality of life and well-being are all benefits of dynamic creative industries. The creative economy in Pakistan has great potential, but the legal framework under which it functions has to more accurately reflect the demands of the industry. Many enterprises simply lack the flexibility required to realize their potential under the current frameworks. Structure, tax, copyright, and a host of other legal difficulties are hindering the commercialization of these businesses.