![]() ![]() A knowledge-based economy will see waves of technology-oriented SMEs and startups that will ultimately grow and transform the economy. The initiative aims to launch technology start-ups and equip them with the tools necessary to lead regionally and internationally. “The Garage”, a platform for entrepreneurship and innovation was also launched at the conference by King Abdulaziz City for Science and Technology (KACST). MCIT also organized the 2022 LEAP Conference in Riyadh, where the Kingdom announced it had exceeded $6.4 billion in investments in technology projects. Investments in the Kingdom’s human capital development and education plans will dictate the way productivity and innovation will look in the next decade. The ministry also launched its National Technology Development Program to guide the Kingdom’s efforts to become a regional technological hub. In August 2021, the Ministry of Communications and Information Technology (MCIT) announced its $1.2 billion tech plan to improve the digital skills of 100,000 young Saudis by 2030. The program uses digital tools to give more than 200,000 Saudis the professional development tools necessary for its growing tourism and entertainment sectors. Similarly, in line with the Ministry of Tourism’s human capital development strategy, the Kingdom launched education and training initiatives for the tourism sector. The Ministry of Culture also launched its Cultural Scholarship Program in 2019 for undergraduate and graduate students specializing in film, music, literature, art, and design. A part of Vision 2030’s Human Capability Development Program, the strategy outlines the value of support and training for the labor market before, as well as after graduation. The Custodian of the Two Holy Mosques Scholarship Program Strategy, launched in March 2022, aims to elevate the Kingdom’s competitiveness and global presence by offering guidance and scholarships to top universities. ![]() ![]() In line with the objective of building a knowledge economy, Saudi Arabia’s strategic decision to emphasize its digital transformation is underpinned by its human capital. Saudi Crown Prince Mohammed bin Salman launched the Strategy of the Custodian of The Two Holy Mosques Scholarship Program. Approximately 70% of the Vision’s strategic goals have been linked with technology and digitization. Since the launch of Saudi Arabia’s Vision 2030, government entities have placed digitization as both a driver and an indicator of its economic growth. Its investments in science and technology transformed the business sector, paving the way for multinational corporations like Samsung and Hyundai. As a result, South Korea’s GDP per capita grew from $94 to $31,000 in sixty years allowing it rise in its global ranks from 84th to 32nd. In 1962, the Korean economy launched five-year economic development plans, investing in its human capital through education programs to guide its technological advancements. South Korea’s economic transformation in the 1960s and ’70s can be attributed to its shift to a technology-led economy. A knowledge-based economy is one that prioritizes intellectual assets and technical skills with an emphasis on high-tech manufacturing and service sectors. Knowledge is a key feature in achieving sustainable economic development. ![]()
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