Nanotechnology has become imperative for a nation’s economic development with most developed countries having adopted this technology to boost their economies, King Abdulaziz City for Science and Technology (KACST) President Ibrahim Al-Suwaiyel said here Monday.

The president’s remarks came while he was inaugurating the third international nanotechnology conference at the KACST headquarters in the capital.

The conference was attended by KACST Vice President of Research Institutes Prince Turki Al-Saud and Governor of Electricity and Cogeneration Abdullah Mohammad Al-Shehri.

Al-Suwaiyel said that revenues from nano products are expected to reach $1 trillion globally.

Realizing the importance of nanotechnology, he said, the KACST has tied up on nanotechnology research programs with universities such as King Saud University, King Abdullah Center for Nanotechnology, King Fahd University of Petroleum and Minerals (KFUPM) and King Abdullah University of Science and Technology (KAUST) among other universities in the Kingdom.

The KACST is both the Saudi Arabian national science agency and its national research and development laboratory. It plays a key role in science and technology policymaking, related data collection, funding of external research, and other related services such as scientific publishing and managing the patent office.

Its responsibilities include proposing a national policy for the development of science and technology and relevant strategies; supporting scientific research and technology development; conducting applied research advising government; fostering national innovation and technology transfer between research institutes and industry.