KUALA LUMPUR: MyCreative Ventures Sdn Bhd (MyCreative), a government investment arm, is targeting to invest between RM50mil and RM60mil this year to finance up to 25 companies involved in creative industries.
Chief executive officer Johan Ishak (pic) said MyCreative, which is tasked to spur the creative industry via strategic funding, was allocated RM200mil through a government budget and had committed the whole amount to 100 companies since December 2016.
“But with some of the companies having already reached their maturity and started paying the loans with interests, it enables us to invest further in other companies this year,” he told reporters after announcing the funding recipients for 2016 amounting to RM60mil.
Johan said the companies that benefited from this funding were from 10 identified creative pillars, namely visual arts, content creation, literature, music, creative education, performing arts, traditional and cultural arts, fashion and design, creative technology and culinary arts. Creative industries could have profound impact on the economy, he said, and based on the estimation of the business plan of the 100 companies that it had funded, they could produce two times the investment injected assuming they operate at optimal level, and give multiplier effects to economy.
Johan added that the creative industry contributed about 1.6% to the nation’s gross domestic product and more needed to be done to further nurture the industry.
He said apart from financing, the Malaysian art and cultural scene was also lacking the sales and marketing channel which required infrastructure enhancement. The government had allocated about RM10mil in Budget 2017 to provide a dedicated creative platform, called “RIUH”. – Bernama