Show me the moneyEvaluating the significance of traditional knowledge and cultural expressions in the context of foreign direct investment outflows

Abstract

The protection of traditional knowledge under the existing intellectual property legal regime and its role in economic development is a hotly debated issue in Africa and in international organizations, such as the United Nations Conference on Trade and Development (UNCTAD) and the World Intellectual Property Organization (WIPO). This chapter examines the significance of traditional knowledge and cultural expressions in the context of foreign direct investment (FDI). It argues that it is generally acknowledged that culture plays a significant role in the flow of FDI in any given country, but the actual extent of such impact is not known. The chapter attempts to show how elements of culture, particularly cultural knowledge and traditional cultural expressions, interact with FDI. It highlights the fact that the absence of empirical data on the role played by traditional knowledge and traditional cultural expressions in global economies dents and negatively biases their significance. It proceeds to point out key industries in which traditional knowledge and traditional cultural expressions play significant economic roles and presents case studies that portray the challenges and positive economic impacts generated through the utilization of traditional knowledge and traditional cultural expressions.