Nov 21

Nov 21 What are key results of Local Content Forum held in Riyadh.

The Local Content Forum held in Riyadh in 2024 yielded several significant outcomes and highlighted the progress of Saudi Arabia’s local content initiatives:

Economic Impact

The value of projects under Saudi Arabia’s local content initiatives reached approximately SR800 billion ($213 billion) by the third quarter of 2024. This substantial investment demonstrates the Kingdom’s commitment to boosting domestic economic growth and reducing reliance on imports.

Increased Local Content in Government Procurement

Saudi Arabia’s share of local content in government procurement has risen from 33 percent in 2020 to 47 percent by the third quarter of 2024. This significant increase reflects the success of policies aimed at prioritizing local products and services in government spending.

Job Creation and Industrial Growth

The Local Content and Government Procurement Authority’s (LCGPA) initiatives have led to the creation of over 42,000 new job opportunities in the past three years. Additionally, the number of factories producing items on the mandatory list has grown by 1,437, reaching a total of approximately 6,100, representing an 8 percent growth rate.

Agreements and Economic Boost

The forum saw the signing of 50 agreements to localize industries and transfer knowledge in key sectors such as transportation, logistics, medical supplies, pharmaceuticals, and water. These agreements are expected to contribute over SR47 billion to Saudi Arabia’s gross domestic product.

New Product Additions

The LCGPA has supported national factories by adding 1,100 new products to the mandatory list, directing nearly SR87 billion in national spending toward local products from early 2022 through Q3 2024.

Future Outlook

The forum emphasized the critical role of local content in advancing Saudi Vision 2030, with a focus on strengthening local capabilities, enhancing national security, improving supply chain resilience, and increasing foreign investment and technology transfer to the Saudi market.

The Local Content Forum 2024 has clearly demonstrated Saudi Arabia’s progress in diversifying its economy and empowering local industries, setting the stage for continued growth and development in line with the Kingdom’s long-term vision.

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