A Saudi civil committee called for establishing a government agency concerned with innovation governance to support the impact associated with productivity, job creation, and competitiveness.
Riyadh Chamber organized a seminar on the “Obstacles facing Institutional Innovation and Possibilities in the Private Sector within Vision 2030” in the presence of several consulting offices.
Expert in innovation and corporate creativity, Ahmed al-Amri, called for activating innovation for its importance in an ambitious economy like Saudi Arabia's.
Amri indicated that innovation leads to increased productivity and growth. He explained that studies showed a strong correlation between innovation and economic growth, as reflected in the development of the public and private sectors.
The expert stressed the importance of differentiating between innovation, invention, and creativity to further understand the mechanisms for developing each path of them within a crucible integration among them.
He pointed out that innovation leads to productivity, and thus contributes to job creation, supports competitiveness, and reduces costs, reiterating that the more innovation, the higher the number of companies and commercial establishments.
Expert Khaled al-Othman stressed the importance of innovation in the coming stage in light of the state’s interest in developing local content and supporting entrepreneurship and national industries.
Othman noted it is important to define and differentiate between the concepts of creativity, innovation, and entrepreneurship to create a real impact on the development system.
In addition, the seminar recommended establishing a government agency responsible for governance of innovation and adopting a culture of innovation from a young age in the early school stages.
Saudi Arabia determined in its future plans of Vision 2030 the goal of increasing the contribution in small and medium enterprises (SME) of the private sector through a number of means, including expanding financing and pushing financial institutions to allocate rates of up to 20 percent to lending to SMEs by 2030.