El Salvador works on bill to promote the creative industry

By Portal & Asociados

Congresswomen Margarita Escobar presented in Congress a bill for the promotion of the country’s creative economy, widely know as the orange economy: the set of activities that, in combination, allow for ideas to be transformed into goods and services whose value can be based on intellectual property.

The project establishes the need of the government to provide credit lines for entrepreneurs, start ups and micro and small businesses, open new markets through the positioning of a national trademark and protect the intellectual property of goods and services with stronger measures against piracy and specific regulations for copyright inventions. It also contemplates the creation of the National Council of the Creative Economy to help design and develop all these policies.

According to the Inter-American Development Bank (IDB), in El Salvador, as in Latin America and around the globe, there is a lack of new business models that promote creative and cultural industries as a tool for boosting cultural and economic growth. For Latin America and the Caribbean, the orange economy meant 1.9 million jobs in 2015, comparable to all jobs generated by the economy of Uruguay or Costa Rica.