National economy records solid gains from local content, government procurement laws: Alkhorayef

Bandar Alkhorayef, Minister of Industry

Bandar Alkhorayef, Minister of Industry & Mineral Resources and Chairman of Local Content & Government Procurement Authority (LCGPA), said that national economy recorded solid gains on the local content, government procurement laws despite their short time of application. Government procurements reached SAR 300 billion from 2020 to the first half of 2022.

Technology transfer and localization is one of the gains related to the listing of many national products, which covered nearly nine lists with more than 400 products, from which 4,000 factories benefit, Alkhorayef told Argaam during the Local Content Forum. This had a positive impact on the industrial sector by raising the size of investments and the number of granted licenses, he noted.

Meanwhile, Alkhorayef pointed to the global supply chain crisis as an opportunity for marketing the Kingdom’s ability and approach to become a main partner in supply chains after building its local capacities, given its abundant oil, gas and mineral resources, as well as its prime geographical location which qualifies it to link most continents.

The minister also stressed the LCGPA’s efforts to work with major companies and other state-owned firms. Today, time is ripe for everyone to participate in the local content. We allowed the society to participate through the “Mina w Fina Campaign” to feel that they are part of a great national role and contribute to local content, Alkhorayef concluded.