Promoting regulatory frameworks for creative sectors of the economy

By Bufete Mejía & Asociados

The Orange Economy Commission of Honduras signed a cooperation agreement aimed at producing new policies and regulatory frameworks to promote creative sectors across the country. Through the agreement Honduras expects to finally propel the orange economy, not for the current government period but as an economic value-added model that seeks to contribute to the reduction of socioeconomic gaps through a commitment to sectors with great wealth and potential that have not been properly used to date.

The Orange Economy Commission was approved by Executive Decree in 2018 in order to promote the development of creative industries. Since then, the commission has been steadily helping local creators and businesses to build in the future a much more profound base of public support.

In 2019 the Central American Bank for Economic Integration (CABEI) applauded the decision and concluded that the Orange Economy is a great development opportunity for all Latin American countries, but it should be analyzed with a broader scope given that in the modern economy, wealth is not measured exclusively by means of physical capital and includes social and cultural contributions.

The Orange Economy, also known as the Creative Economy, is the bringing together of sectors of the economy whose main purpose is the production or reproduction, promotion, dissemination and/or the marketing of goods, services and activities that have cultural, artistic or patrimonial content. These industries co-ordinate their activities amongst themselves, transforming ideas into cultural and/or creative goods and services. The value of these assets is determined by their degree of innovation, reflected in intellectual property.