The PSB has proposed measures to support the creative economy

It is important to encourage manufacturers to take a creative approach to creating goods and providing services, said Vera Podguzova, Senior Vice President and Director of External Relations at PSB. She spoke at the session "Creative Approach: New sectors for investment in the North Caucasus Federal District" within the framework of the Caucasian Investment Forum.

"The creative economy creates innovations — these can be ideas, cultural products, art and design. And the innovation economy, in turn, focuses on new products and new solutions. The main difference is that creativity generates ideas, while innovation turns them into a real business," Podguzova said.

According to her, there should be a synergy of innovative and creative approaches to solutions. However, the marketing component should also be taken into account. "Initially, when creating a product, you need to understand your audience and market positioning. And it is important to find financial and non―financial measures to support the creative economy, such as, for example, investing in education, tax incentives, active work with regions in intersectoral clusters, as well as the integration of elements of art, design, and innovative technologies into the marketing and development strategies of industrial companies," Podguzova added.

The session also discussed the role of banks, business, and government in shaping an ecosystem where creative industries are part of a sustainable economy of the future.