The Minister of Industry and Mineral Resources, and Chairman of the Local Content and Government Procurement Authority (LCGPA), Bandar Ibrahim Alkhorayef, convened with leading figures from prominent local and international companies during the Local Content Forum 2024.
During the meetings, discussions focused on opportunities to develop local content, enhance the role of national capabilities in economic development, transfer knowledge, and localize promising industries within the Kingdom. Alkhorayef and company leaders explored strategies to empower national factories and increase the inclusion of products in the mandatory local content list. They also addressed ways to boost the competitiveness of Saudi products, elevate their quality standards, and align efforts to channel government spending toward locally produced goods.
Additionally, they explored strategies to attract foreign investments by highlighting the high-quality opportunities available through local content in the Kingdom. The discussions included leaders from global companies such as GE HealthCare, Honeywell—renowned for its aircraft manufacturing solutions—and French Ardian, a specialist in the financial sector.
The minister engaged with prominent local companies across key sectors, including construction, energy, industry, transportation, logistics, communications, information technology, water, healthcare, and pharmaceuticals.
Additionally, Alkhorayef convened with state-owned enterprises, commending their commitment to quality initiatives aimed at advancing local content development. He emphasized that these entities serve as a strategic cornerstone in realizing Saudi Vision 2030 by capitalizing on their capabilities and strengthening collaborations with local suppliers.
The second annual Local Content Forum kicked off on Wednesday in Riyadh, serving as a vital platform to highlight the role of local content in driving economic development. It also facilitates the exchange of expertise, strengthens local capabilities, and celebrates success stories from both the public and private sectors.
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