RIYADH: Minister of Industry and Mineral Resources and Chairman of the Board of Directors of the Local Content and Government Procurement Authority, Bandar Alkhorayef, has emphasized that the availability of high-quality and competitive national products is essential for achieving the objectives of local content and enhancing its impact on Saudi Arabia’s economic development.

According to Saudi Press Agency, Alkhorayef conveyed his views during a ministerial session titled “Future Directions for Local Content Under the Saudi Vision 2030,” which was part of the Local Content Forum 2024. He asserted that local content is a vital economic pillar for realizing the Saudi Vision 2030 and that its development supports the vision’s executive programs.

Alkhorayef discussed the mandatory list of national products as a tool to direct government spending toward local products. He underscored the Ministry of Industry and Mineral Resources’ role in expanding the industrial base and enabling factories to increase the shar
e of high-quality national products on this list. He also highlighted the private sector’s significant contribution to advancing local content, noting that the Local Content and Government Procurement Authority implements initiatives through strategic partnerships and the Local Content Coordination Council. This council includes major national companies working with the authority to enhance local content in their operations and procurement.

The second edition of the forum builds on the success of its inaugural event, providing opportunities for knowledge exchange, raising awareness of local content mechanisms and policies, and underscoring its crucial role in achieving the goals of Saudi Vision 2030.