Riyadh, November 22, 2024 – Bandar Ibrahim Alkhorayef, Saudi Arabia's Minister of Industry and Mineral Resources and Chairman of the Local Content and Government Procurement Authority (LCGPA), held a series of important meetings with both local and international business leaders during the second annual Local Content Forum 2024 in Riyadh. These discussions focused on advancing local content development, enhancing national capabilities in economic growth, and the strategic localization of key industries within the Kingdom.
Throughout the meetings, Alkhorayef and the company leaders explored opportunities to strengthen Saudi Arabia’s local content agenda, which aims to increase the economic contribution of national industries. They discussed key strategies to empower local factories, improve the quality and competitiveness of Saudi-made products, and expand the list of products required to meet the Kingdom’s local content regulations. One of the main goals of these discussions was to increase the percentage of locally produced goods in government procurement, directing public spending towards supporting domestic industries.
A significant part of the conversations revolved around attracting foreign investments to capitalize on the unique opportunities provided by the Kingdom’s local content initiatives. Leaders from prominent international companies, such as GE HealthCare, Honeywell (a leader in aircraft manufacturing solutions), and the French financial services giant Ardian, participated in these talks. Their involvement underscored the importance of international collaboration in achieving the Kingdom’s economic diversification goals under Vision 2030.
Alkhorayef also met with leaders of leading local companies operating in priority sectors such as construction, energy, transportation, logistics, communications, information technology, healthcare, water, and pharmaceuticals. These sectors are crucial to Saudi Arabia’s growth strategy, and the minister emphasized the need for increased collaboration between local businesses and government bodies to maximize the Kingdom’s potential in these areas. The discussions centered around increasing local value creation, advancing technological expertise, and ensuring that national firms remain competitive both regionally and globally.
Further highlighting the importance of public-private sector collaboration, the Minister met with executives from state-owned enterprises, commending their role in adopting and promoting quality initiatives for local content development. He reiterated that these companies are central to realizing the objectives of Saudi Vision 2030, as they play a critical role in leveraging local resources, enhancing supply chains, and boosting the capabilities of local suppliers. By strengthening these partnerships, the Kingdom is positioning itself for sustainable economic development and greater self-reliance.
The Local Content Forum 2024, which began on Wednesday in Riyadh, served as an important platform to promote awareness of the pivotal role local content plays in the economic development of Saudi Arabia. In addition to facilitating high-level discussions, the forum enabled the exchange of valuable insights, shared best practices, and highlighted successful initiatives from both the public and private sectors. As the Kingdom continues to drive its economic diversification strategy, the forum's role in empowering local capabilities and showcasing successful collaboration remains essential in fostering a competitive, resilient economy.
Through these strategic efforts, Saudi Arabia is positioning itself as a global hub for industry innovation and local content development, with a clear vision to create a more sustainable and diversified economic future in line with the goals of Vision 2030.