Local Content is an Important Enabler for Economy Competitiveness, Investment Minister Says

Minister of Investment Khalid Al-Falih stressed that local content is an important enabler for transforming the economy from a rentier system to a prosperous one.

 The investment minister added that local content is one of the main pillars of the Kingdom's Vision 2030, viewing it as fuel for the competitiveness of the economy and companies in relevant sectors, including industry, agriculture, energy, municipalities, and tourism.

 This came during his participation, along with several other ministers, in a dialogue session entitled "Future Trends for Local Content in Light of the Kingdom's Vision 2030," held yesterday in Riyadh as part of the Local Content Forum 2024.

 He noted that the vision's goals include developing and diversifying the economy and increasing quality opportunities to ensure sustainability and competitiveness both locally and internationally. He reviewed several successful global experiences in local content that have contributed to increasing the percentage of local content across various sectors and achieving global leadership.

 Al-Falih also highlighted the role of the initiatives and programs under the National Investment Strategy, such as special economic zones, regional headquarters, and the Shareek Program, in enabling and motivating investors to invest in the Saudi market and building an attractive investment environment that enhances global quality investments, which will lead to strengthening the national economy and creating more job opportunities.

 He mentioned that 95 deals, with an investment value exceeding SAR100 billion, are currently under negotiation through the "GSCRI" initiative.