(MENAFN - Arab News) Minister of Economy and Planning Mohammed Al-Jasser has emphasized that the Kingdom's huge spending on education and training is part of boosting its strategy to move into a knowledge-based economy. "The Kingdom is exerting continuous efforts aimed at realizing a knowledge-based economy as it sees this as the best strategy toward achieving sustained development based on technology and innovation," he said. The minister made the remarks during his meeting with a South Korean technical delegation at his office here on Monday. The delegation has been in the Kingdom to present their advice and offer expertise with regard to the preparation of the Kingdom's strategy to transfer to a knowledge-based economy and society.
During the meeting, Al-Jasser commended the bilateral cooperation between the Kingdom and South Korea that has been witnessing steady progress in all areas. He also appreciated the contribution of the South Korean side in the preparation of the Kingdom's strategy. The minister discussed with the delegation various pivotal aspects of the strategy, such as education and training, communications and information technology, sciences, technology and innovation, administrative and organizational structure in addition to various sectors such as financial, monetary, production and service.
It is noteworthy that Custodian of the Two Holy Mosques King Abdullah had earlier issued directives to set up a committee, headed by the minister of economy and planning, to draw up a comprehensive national strategy to transfer the Kingdom into a knowledge-based economy and society with time-bound plans and programs. Eventually, the committee sought the South Korean expertise in this regard.
The Kingdom has pushed to diversify its economy and realize the full potential of its large, mostly young work force. With investment in education, infrastructure changes, and technology, Saudi Arabia has moved away from a dependence on natural resources as a prime focus of its economy and is now seeking to become a worldwide competitor in high-value technological and innovative products and services.
Meanwhile, a report of the ministry of economy and planning highlighted the mega projects that started implementing in both public and private sectors aimed at moving toward a knowledge-based economy. These included economic cities as well as projects aimed at diversifying the economy with a focus on realizing balanced development. The report also noted the unprecedented growth being witnessed in the Kingdom's communications and information technology sector as well as the tremendous development in the education and training fields.