G20 Pledges to Support Cultural Economy

The G20 culture ministers pledged during a virtual meeting on Wednesday to support the cultural economy, according to a statement from the Saudi Ministry of Culture.

Under the slogan "The rise of the cultural economy: a new paradigm", the G20 culture ministers and officials from other international organizations discussed the preservation of heritage, as well as sustainable development and culture as a stimulant for economic growth.

UNESCO estimates annual revenues from the cultural and creative sectors at $2.25 trillion, and exports at over $250 billion.

The statement said on Wednesday evening that the sectors employ nearly 30 million people around the world, while some forecasts estimate their contribution to global GDP at about 10% in the near future.

Culture leaders focused on using new technologies, developing digital platforms for artistic expression, while making cultural resources more accessible during conversations.

Prince Badr bin Abdullah bin Farhan Al Saud, Saudi Minister of Culture, said in his closing remarks: “This high-level cultural presence in the Saudi Presidency of the G20 demonstrates our shared belief in the vital role of culture in driving the innovation ecosystem in economies.”

The meeting was organized by Saudi Arabia on the sidelines of the G20 meeting as the COVID-19 pandemic continued to limit the movement of people and goods around the world.

"The pandemic changed the lives of people around the world, people continued to communicate, share ideas and artistic expression, take virtual tours of museums and galleries and participate in private and public initiatives," the prince added.

The statement added that this accessibility demonstrated the resilience of the cultural economy and helped stimulate economic growth through innovative means by creative industries to increase the global exchange of cultural goods and services.