Malaysia Unveils Creative Economy Data Model to Enhance Policy and Economic Growth

Malaysia is advancing its creative economy through the launch of the Creative Economy Data Model (CEDM), a strategic tool designed to provide a more comprehensive, systematic, and evidence-based measurement of the sector’s economic impact. The model was introduced by the Intellectual Property Corporation of Malaysia (MyIPO) in collaboration with the World Intellectual Property Organisation (WIPO) during the National Forum on the Launch of CEDM held in Kuala Lumpur on July 23, 2024.

MyIPO director-general Yusnieza Syarmila Yusoff emphasized that the CEDM complements existing measurement frameworks by capturing the entire creative economy value chain. This approach is increasingly vital as the sector evolves due to digital transformation, emerging business models, and technological advancements such as artificial intelligence (AI).

"This collaborative initiative is expected to strengthen Malaysia's position as a nation that harnesses intellectual property, creativity, and innovation as key drivers of sustainable economic growth," Yusnieza stated following the forum.

Highlighting the sector’s significance, Yusnieza referenced the 2024 Cultural and Creative Satellite Account published by the Department of Statistics Malaysia (DOSM). The report showed that the creative economy contributed 6.8 percent to Malaysia’s Gross Domestic Product (GDP), amounting to approximately RM130.7 billion, while generating over 760,000 jobs.

"These figures demonstrate that the creative economy has become one of the country's strategic sectors, playing an increasingly significant role in driving national economic growth," she added.

The CEDM initiative builds on a long-standing strategic partnership between MyIPO and WIPO, which began with the Malaysian Copyright-Based Industries Study in 2008. That study served as Malaysia’s first benchmark for measuring the contribution of copyright-based industries to the national economy.

Yusnieza noted that the new model aligns with the objectives of the MyIPO NextGen Strategic Plan. This plan focuses on innovation-driven economic development, the commercialization of intellectual property, and enhancing the competitiveness of the creative industry.

The launch forum gathered representatives from various ministries, government agencies, creative industry stakeholders, academia, and international organizations. Participants discussed innovative approaches to strengthening Malaysia’s creative ecosystem and leveraging intellectual property as a catalyst for growth.

By implementing the CEDM, Malaysia aims to foster a data-driven environment that supports policy decisions and development strategies tailored to the dynamic nature of the creative economy, ensuring sustainable growth and competitiveness in the global market.