This study aims to evaluate the industrial cluster policy implemented in Korea during the last decade or so, examine whether it can still be a valid policy measure in the creative economy regime, and propose policy directions for the future. It is evaluated that the cluster policy has contributed to increasing productivity by improving networks between companies, universities and research centers and thus strengthening innovation infrastructure. The policy, however, by its characteristics of government-domination, failed to develop open-ended and flexible spontaneous clusters. Industrial clusters have the capability to contribute to the virtuous circle of creative economy by enhancing creativity and innovativeness, and subsequently by increasing value-added. In order to maximize these positive effects, a few suggestions are made, including being faithful to the very nature of clusters, e.g. geographical proximity and connectedness, intending clusters with creativity well maintained, orienting toward multi-scalar clusters with a mixture of local and global perspectives, and matching regional and industrial policies with regards to clusters.