Local Content Authority outlines six goals for economic participation program
Saudi Arabia’s Local Content Authority has detailed six objectives for its economic participation program, including localization, technology transfer, and job creation.
Key Takeaways
AIThe official account of the Local Content and Government Procurement Authority stated that the Economic Participation Program is a vital enabler for strengthening the national economy, aiming to increase the contribution of foreign companies benefiting from government procurement.
The authority, via its X platform, highlighted the main objectives of the program. Full details are available here. The program’s goals include maximizing the benefits of government procurement by localizing key industries and specialized services.
Objectives also include transferring technology and knowledge in priority sectors, as well as boosting local content and enabling scientific research and development.
The program aims to support the development and qualification of local companies, enhance their competitiveness to increase exports, and strengthen their role in global supply chains. It also seeks to build and develop national industrial and service capabilities that contribute to sustainable economic growth.
Additionally, the program focuses on advancing human capital by providing training, development, knowledge transfer, and sustainable employment opportunities.