Lack of funding for creative industry decried

British Council study highlights its struggle in Pakistan.


Our Correspondent October 22, 2014

KARACHI: Pakistan is doing reasonably in the cultural and creative industry, said South Asia Director Shreela Ghosh, at the launch event of a British Council study.

The research, titled “Cultural and creative industries in Pakistan” brings to limelight the creative and cultural sector of the country, which Ghosh said were trying to make their presence felt.

“Looking at the size and population of Pakistan, I can tell you that the creative industries of Pakistan are punching hard and doing well above their size within the country,” she said.

The research report analysed the potential of creative industries and how these industries can combine their strength to create more job opportunities in the country.

The report’s actions and recommendations talked about the importance of network building, need for skill development, huge gaps in understanding business models, and the issues in arranging funding from banks.

Pointing out the problem of lack of data in South Asia, Ghosh said the overall situation in the region is almost similar especially in Pakistan, India and Bangladesh.

“By and large, governments in both developed and developing countries do not give importance to arts and culture,” Ghosh replied to a question. “That’s a pity, but what we can do is that we can put arts and culture in the agenda of governments along with education and health.”

Leading artists, entrepreneurs, bankers, actors, academia and people from other fields related to culture and the creative industries, attended the event, which was organised here at a local hotel.

Speaking on the issues of lack of bank funding to filmmakers and artists, Bank Alfalah Chief Marketing Officer Aly Mustansir said that on several occasions bankers have to make hard choices between different loan proposals.

“Since every one out of three small and medium size (SMEs) loans goes into the category of bad loans, bankers are especially reluctant to finance films and other such related projects,” Mustansir added.

Renowned filmmaker Sarmad Khoosat, while moderating a session, asked Mustansir why sponsors are willing to sponsor creative events but not fund films and other projects. In reply, he said that banks actually withdraw money for sponsorships in advance. As such, if funds are lost in a film project, banks have to be answerable to its board members and shareholders, which is a difficult task, said Mustansir.

Despite all the problems that creative industries face in not getting enough financing, Mustansir believes that not all is lost in Pakistan. “Things are improving. Our films are now getting very good response and the chances that they get financed are now bright.”

Published in The Express Tribune, October 23rd, 2014.

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