GOIC convenes a conference on knowledge-based industries & nanotechnology

The conference is first of its kind in Doha and the GCC region as well. This conference is aimed at three objectives for the GCC region.

First, the region needs to have a collective understanding of the emerging new technologies to ensure its development appropriately.

Second, it introduces the concepts and benefits of these new technologies that hold the future for human well being. Third, it gives an opportunity to identify and cradle beneficial new technologies at an early stage to reap greater benefits.

The last decade has seen a deepening and widening of industrial base in the GCC countries. A strong foundation has been laid for the economy to move forward into the new globalised environment. Now the time has arrived to enhance the knowledge content of the economies in the region.

To realize that dream, a greater emphasis on human capital is a major pre-requisite to transform GCC region from a production-based into a knowledge-based economy with effective utilization of nano and bio technologies.

Nanotechnology
Application of nanotechnology varies from rearranging molecules in order to create self-replicating manufacturing systems to modifying structures to get desired trait. It is an evident fact that rearranging the atoms in coal can produce diamond. The U.S. National Science Foundation predicted that the market for nanotechnology, or products containing nanotechnology, will reach more than $1 trillion in 10 to 15 years. Governments and business across the world have already rest their faith in this new technology wave and invested substantially into research and product development.

At this early stage it is difficult to predict the precise timescale and benefits at which different nanotechnologies will become a reality.

However the following things are possible in near future
1. Smaller and faster computers
2. More efficient and sharper electronic displays
3. Paints that could reduce the overall weight of all transport equipments
4. Advanced filtering machines that can easily purify anything from water to blood
5. Long lasting lubricants and higher performance engines
6. Better systems to deliver drug directly into the parts of human body
7. Weightless and long lasting implants such as heart valves and artificial joints

Biotechnology
Historically biotechnology started from the time of human being using fermentation techniques to make food and drinks. Biotechnology is a science that effectively handles and modifies bio organisms to acquire desired characteristics. Today biotechnology is a more than $30 billion industry and contributes to various aspects of human well being.

Biotechnology is responsible for hundreds of handy medical diagnostic tests from home pregnancy tests to check everyday diabetic level. Genetic engineering is sweeping the world's farms by growing genetically engineered crops for better acreage towards satisfying growing world demand.

Now it is estimated that more biotech drug products and vaccines currently in clinical trials targeting diseases, including various cancers, Alzheimer's disease, heart disease, diabetes, multiple sclerosis, AIDS and arthritis. Future advances in biotechnology include striking advances in medical treatments like gene targeting to cure hereditarily bequeathed diseases and other disorders in birth.

Why GCC countries have to take note of this new wave?

The Arab World Competitiveness Report of 2007 has cautioned the GCC region will face an unprecedented rise in demand for health care. The estimated total health-care spending in the region will reach US$60 billion in 2025, up from around US$12 billion today. No other region in the world faces such rapid growth in demand. This forces the region to take note of new technologies that holds the future of healthcare system and adopt it to leverage the future cost of health care provision in the region.

The Food and Agriculture Organization of United Nations has noted that the agriculture productivity was sluggish in the region with only a rise of about 2.5 times over the last two decades. The regions falls into overdependence on food imports with the bill amounts to more than $9 billion, which takes a significant share in its trade balance. Strategies for securing food security are on the top of the agenda for the region because of its growing population. Again investments in technology offer an easy way out to control the raising food bill.

Coming years will witness some major shifts in the economy particularly in manufacturing as current technologies in practice either changed greatly or out rightly replaced. Any technological revolution, there will be winners and losers. On balance, everyone needs to come out ahead of their time to stay alive in business. History say that this not only true for companies but for nations too.