CSC to invest in research projects

CSC to invest in research projects
Updated 05 February 2014

CSC to invest in research projects

CSC to invest in research projects

The Council of Saudi Chambers (CSC) intends to invest in scientific research projects aimed to boost the knowledge-based economy, diversify production channels and raise the level of modern investment in industries and services.
Vice President of King Abdulaziz City for Science and Technology (KACST), Prince Dr. Turki bin Saud bin Mohammad Al-Saud, said this qualitative investment requires strong cooperation between the KACST and CSC.
He said this cooperation would create a strategic partnership that will produce a new form of investment in science, technology and innovation, that would promote the creation of a knowledge-based society, in order to serve the sustainable development in the Kingdom.
Al-Saud stressed the importance of supporting the private sector for scientific research in order to keep up with the developed countries, and in the long run, for the advancement of the national economy.
He said the Badir Program for Technology Incubators (BPTI) is working closely with the Chambers of Commerce to help businesses and entrepreneurs build companies through its support services free of cost.
“The program seeks to facilitate the process of material (financial) support to the beneficiaries through the agreements,” he said.
Al-Saud said that the KACST has a program to financially support inventors with funds of up to SR275,000. Al-Saud was speaking at a meeting with the chairman of the CSC Eng. Abdullah Al-Mobti and other CSC members.
Al-Mobti said both parties will double efforts to place Saudi Arabia in the ranks of developed countries in the areas of science and technology, through the development of scientific research and implementation of applied scientific research.
He noted the importance of activating cooperation between KACST and the business sector by having the private sector adopt KACST-run researches and turn them into applicable products. He also called for support to the efforts of the KACST in the organization of the “Science and Technology Week”.
Eng. Fahad Al-Hussain, CEO of the Taqnia Company, said that the diversification of the economy can be realized by the creation of economic data based on advanced technologies.
He said this goal can be achieved through cooperation with the private sector firms in three areas: investment, industry and services which are the same areas targeted by Taqnia Co. He recalled that the company was set up based on a decision by the Council of Ministers aimed to diversify the economy through the creation of economic data based on advanced technologies.
Saudi Arabia is working to diversify from an oil based economy to other sectors and especially invest in science, technology and innovation to create a knowledge-based society.