THE RELATIONSHIP OF STATE INVESTMENTS IN THE SECTOR OF ССI AND THE LEVEL OF COMPETITIVENESS OF THE ECONOMY

Abstract

The article examines the relationship between public investment in the creative and cultural industries (CCI) sector and the level of competitiveness of the national economy. This study examines the influence of state-sponsored initiatives, including innovative projects, cultural programmes and creative start-ups, on a country's global economic competitiveness. It is established that investments in the cultural and creative industries have a dual impact on the national economy. Firstly, they facilitate the development of the cultural and educational spheres. Secondly, they have a significant impact on GDP growth, job creation, increase in export potential and attraction of foreign investment. Particular attention is paid to the mechanisms of interaction between the public and private sectors for the effective implementation of investment programmes in the field of CCI. The article examines the various financing models and institutional approaches that can ensure the sustainable development of creative industries. A substantial portion of the study is dedicated to an examination of international experiences with regard to investment in cultural and creative industries. In particular, the European Union, the United Kingdom, the United States, and the countries known as the "Asian Tigers" are taken as case studies. Based on a comparative analysis of these cases, the most effective instruments for supporting investments in the CCI sector and their impact on the competitiveness of national economies are identified.