Research, innovation and development will be national priorities for Saudi Arabia
Mohammed bin Salman, Crown Prince of Saudi Arabia, announced on Thursday that research, development and innovation will be a national priority. By achieving these aspirations, the Kingdom will seek to improve its competitiveness.
The project has a 20-year roadmap, which will include improvements in health, environmental sustainability, leadership in energy and industry, and the development of future economies.
One of the key measures to achieve these goals will be to restructure the research and development sector, with the formation of a senior committee headed by the crown prince. Mohammed bin Salman would thus be in charge of enabling relevant legislation, regulatory standards, as well as budget and project allocation and monitoring
To become a world leader in innovation, Saudi Arabia's goal, it will allocate 2.5 % of the country's GDP by 2040, which would add some $16 billion to GDP in the same year.
Another major goal is to create thousands of jobs in science, technology and innovation, which in turn would improve digital healthcare and the international supply of the latest pharmaceutical breakthroughs, thanks to the development of Saudi biotechnology.
Addressing chronic and non-communicable diseases is also high on the list of improvements to be implemented in the Kingdom in order to increase the life expectancy of the population.
As part of its aspiration to become a global benchmark in sustainable development and environmental preservation, Saudi Arabia will seek to eliminate water scarcity, improve food security, develop water technologies and implement food production through green spaces.
Taking advantage of its significant natural resources and its leading position as a global energy supplier, the Kingdom will seek to maintain its prominence while innovating and creating new energy sources, such as green hydrogen, solar and wind energy.
Measures will also be taken to ensure the sustainability of oil demand, which has increased following the shortages caused by the Russian invasion. In fact, US President Joe Biden will travel to Saudi Arabia and meet with Mohammed bin Salman next month.
A visit with which the US president intends to strengthen ties and make the Gulf producer countries see the need and the benefits of increasing oil production for export. "It is not to pressure them to increase oil production. It's hoping that the countries will come to the conclusion that this is in their interest," Biden added.
Finally, the aim is to develop sustainable mining, a sector that is in a phase of development and rapid growth.