Saudi Industry Minister Bandar Ibrahim Alkhorayef Engages With Leaders On Localisation At Content Forum 2024

The Local Content Forum 2024 in Riyadh has become a focal point for discussions on enhancing Saudi Arabia's economic landscape. Bandar Ibrahim Alkhorayef, Minister of Industry and Mineral Resources, engaged with leaders from both local and international companies. The talks centred on boosting local content, leveraging national capabilities, and fostering the localisation of industries within the Kingdom.

During these meetings, there was a strong emphasis on empowering national factories and increasing the percentage of products included in the mandatory list for local content. Discussions also focused on improving the competitiveness and quality of Saudi products. Efforts to direct government spending towards locally produced goods were highlighted as a key strategy.

Attracting foreign investments was another major topic during the forum. The discussions explored how local content could provide qualitative opportunities for international investors. Leaders from global companies like GE HealthCare, Honeywell, and French Ardian participated in these conversations, showcasing their interest in Saudi Arabia's evolving market.

Alkhorayef also met with leaders from key sectors such as construction, energy, industry, transportation, logistics services, communications, information technology, water, healthcare, and pharmaceuticals. These meetings aimed to strengthen partnerships and explore new avenues for collaboration within these priority areas.

The minister held discussions with state-owned companies to commend their initiatives in developing local content. He emphasised that these entities are crucial to achieving Saudi Vision 2030 by enhancing partnerships with local suppliers and leveraging their capabilities effectively.

The forum serves as an essential platform for raising awareness about the role of local content in economic development. It facilitates the exchange of experiences and empowers local capabilities while highlighting success stories from both public and private sectors.

The event underscores the importance of strategic collaborations between government bodies and private enterprises to drive economic growth through enhanced local content initiatives. Such efforts are pivotal in realising the objectives set out in Saudi Vision 2030.

With inputs from SPA