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The Saudi Ministry of Investment signed a memorandum of understanding with GlaxoSmithKline (GSK) to boost the investments in the field of health care and life sciences.
The memorandum of agreement will focus on localising production as well as creating research and studies through integrated projects aimed at establishing Saudi Arabia as a regional centre for self-care research.
According to the Saudi News Agency “SPA,” the project’s expected worth and resources will reach 150 million Saudi riyals in its first five years.
The MoU will facilitate investment, promote self-care and self-medication policies, improve service quality, and transfer experience and technology.
It will also help to increase local content, allowing the company to export locally made goods.
Cooperation between GSK and the Saudi Investment Ministry will create job opportunities, especially expanding the involvement of women to the field.
The signing of the pact is in line with the Saudi Ministry of Investment’s goals of attracting investments and facilitating the growth of the health care and life sciences sectors.