The 2021 International Year of Creative Economy for Sustainable Development, recognizes the role of the creative economy in creating full and productive employment and decent work, supporting entrepreneurship, creativity and innovation, encouraging the formalization and growth of micro-, small and medium-sized enterprises, stimulating innovation, empowering people, promoting social inclusion, and reducing poverty.

Before the COVID-19 crisis hit the sector hard, the cultural and creative industries generated annual global revenues of US$2,250 billion and employed more young people than any other sector. The People’s Republic of Bangladesh recognises both the importance and potential of the creative economy as a tool for social, cultural and economic development and commits to contribute to its development.

Through Decision 210EX/15 at the 210th Session of the Executive Board of UNESCO in December 2020, UNESCO-Bangladesh Bangabandhu Sheikh Mujibur Rahman International Prize for the Creative Economy has been created to recognise and reward exceptional initiatives of an individual, institution, an entity or non-governmental organization which/who, devised and delivered innovative projects or programmes that promote youth entrepreneurship in the creative economy.

The awardee is to receive 50,000 USD in recognition of its contribution. The Prize funded by the Government of Bangladesh is to be awarded biennially.