Abstract
Research background:To achieve long-term sustainability, it is necessary to strive for a green economy and come up with solutions to address limitations to resource footprints. This will require innovations across the board and creativity in all fields. Creativity and sustainability are closely linked. The sustainable development requires concerted efforts towards building an inclusive and resilient future for the planet. Innovation, the business of ideas, is increasingly seen as the key to future societal prosperity and business success.Purpose of the article:The aim of the paper is to analyse the sustainable development of the most globalized sectors of the creative industries in Slovakia mainly measured by the value added. The value added according to Kalecki (1990) is the sum of wages and profits of the companies.Methods:Sustainability, innovation and value creation (or value added) are nowadays the object of particular attention by the various stakeholders as economic institutions, public and governments.Findings & Value added:This is the first research paper which has used the data on value added recently calculated for the media, publishers and software enterprises, which represent the most globalized sectors of the creative industries in Slovakia. The companies with the highest value added have reached the sustainable development and the best economic performance within the media, publishers and software enterprises’ sector.
Highlights
We focused to demonstrate the dependency between the sustainable economic growth and the foreign trade and the value added
Slovakia belongs to the countries which reached the lowest share of the cultural goods and services in total foreign trade
The high value of imports as well as the high value of exports means that Slovakia is an open economy that is largely interconnected with other countries
Summary
The Sustainable Development Goals (SDGs) are broad reaching targets followed by European Union that aim to end poverty, protect our planet and ensure prosperity for all [1]. The integration of the Slovak Republic into the international market has reinforced the inflow of foreign direct investment into a small number of sectors, followed by enormous technology transfers. To balance such expansions, it is necessary to enlarge internal sources of development, the economic self-sufficiency of regions and national research and development.
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