'BRICS nations can become hub for rapidly growing creative sector'

Creative industries such as design, art, media, content, and games, which currently contribute over 4 per cent to the global GDP, are rapidly emerging as new growth engines and BRICS nations including India have potential to become hub for the sector, according to Sberbank.

Creative industries are growing 15 per cent faster than other sectors of the global economy, forming a market worth more than 1.6 trillion dollars, Sberbank said in a statement.

''The BRICS+ countries can become hubs for the development of creative solutions based on breakthrough technologies, and the Created in BRICS+ label is a new symbol of quality and innovation,'' said Vladislav Kreinin, Senior Vice President, Director of the Marketing and Communications Department at Sberbank.

These sectors are also fast emerging as the driving force behind the development of the modern economy, he said, speaking at the RICS International Forum held recently in St. Petersburg.

BRICS is a grouping of emerging nations comprising Brazil, Russia, India, China, and South Africa, as well as five new members. Established in 2009, BRICS was founded on the premise that international institutions were overly dominated by Western powers and had ceased to serve developing countries.