RIYADH: Saudi Arabia’s Crown Prince Mohammed bin Salman announced on Thursday national aspirations and priorities for the research, development and innovation sector to enhance the Kingdom’s competitiveness, Saudi Press Agency (SPA) reported.
The twenty-year long aspirations include developments in the fields of health, environmental sustainability, leadership in energy and industry, and future economies in line with Vision 2030.
To achieve these goals, the research and development sector will reportedly be restructured with the formation of a higher committee, led by the crown prince, which will enable legislation and regulatory standards in addition to project and budget allocation and performance monitoring.
Through the program, Saudi Arabia aims to become a global leader in innovation, with targets of annual spending in this sector of 2.5 percent of the country’s GDP by 2040, which will add nearly SAR 60 billion ($16 billion) to the GDP by the same target year.
The program will also create thousands of jobs in science, technology, and innovation, SPA reported.
The Kingdom’s health has been given top priority through the program, which will provide the best in digital healthcare and supplying the world with the latest pharmaceutical technologies based on biotechnological advances.
Saudi Arabia wants to find “radical solutions for chronic and non-communicable diseases” to increase the life expentancy of the population, SPA reported.
Saudi Arabia seeks to eliminate is water shortage and improve food security, and will be looking to become a global model in preserving the environment and developing water technologies through means like sustainable desalination, and food production through means of green spaces.
This will come in conjunction with existing technologies like carbon capture and low-cost electricity production.
Saudi Arabia will also seek to use its vast natural resources and current advantage as a leading global energy supplier to continue its prominence at the helm while innovating production of alternative energy including green hydrogen, solar, and wind.
Measures will also be taken to ensure the sustainability of the oil demand, SPA reported, in addition to developing the rapidly growing mining sector in a sustainable manner.