Minister of Industry and Mineral Resources and Chairman of the Board of Directors of the Local Content and Government Procurement Authority Bandar Alkhorayef has stressed that the availability of high-quality and competitive local products is fundamental for achieving the goals of local content and maximizing its impact on the Kingdom's economic development.
Speaking during a ministerial session titled "Future Directions for Local Content Under the Saudi Vision 2030," held as part of the Local Content Forum 2024, Alkhorayef noted that local content is one of the key economic pillars for realizing the Saudi Vision 2030, adding that developing local content in its various elements directly supports the executive programs of the vision.
Alkhorayef highlighted that the mandatory list of national products is one of the tools designed to direct government spending toward local products. He also pointed to the pivotal role of the Ministry of Industry and Mineral Resources in expanding the industrial base and enabling factories to increase the proportion of high-quality national products included in the mandatory list.
He further went over the significant role of the private sector in fostering local content, noting that the Local Content and Government Procurement Authority implements local content initiatives through two main tracks: building strategic partnerships and the Local Content Coordination Council, which includes several major national companies that work alongside the authority to enhance the percentage of local content in their operations and procurement.
The forum's second edition builds on the first's success, opening avenues for knowledge exchange, raising awareness about the mechanisms and policies of local content, and highlighting its critical role in achieving Saudi Vision 2030.