Bandar Alkhorayef Minister of Industry and Mineral Resources
Bandar Alkhorayef, Minister of Industry and Mineral Resources, said the purchases of the Local Content Coordination Council has exceeded SAR 640 billion.
The minister told reporters that the new local content strategy aims to increase the number of companies within the council.
He noted that the number of companies launching local content programs rose to 19, up from three to four initially, adding that such programs provide clarity to investors on the type of investments and capabilities required by these companies.
In an interview with Asharq, Alkhorayef said national strategies are designed to remain resilient to global changes, challenges and volatility, noting that global developments are approached by capturing opportunities, learning from them and mitigating their impact.
The COVID-19 pandemic was a key driver behind the localization of the pharmaceutical industry in the Kingdom, contributing to an increase in the number of domestic drug manufacturers.
The current crisis is expected to create significant opportunities for Saudi Arabia, given its strategic location and capabilities to serve the wider region, the minister said.
He underscored the importance of foreign investment, which views the Kingdom as resilient and responsive to challenges.
Bandar Alkhorayef Minister of Industry and Mineral Resources
Bandar Alkhorayef, Minister of Industry and Mineral Resources, said the purchases of the Local Content Coordination Council has exceeded SAR 640 billion.
The minister told reporters that the new local content strategy aims to increase the number of companies within the council.
He noted that the number of companies launching local content programs rose to 19, up from three to four initially, adding that such programs provide clarity to investors on the type of investments and capabilities required by these companies.
In an interview with Asharq, Alkhorayef said national strategies are designed to remain resilient to global changes, challenges and volatility, noting that global developments are approached by capturing opportunities, learning from them and mitigating their impact.
The COVID-19 pandemic was a key driver behind the localization of the pharmaceutical industry in the Kingdom, contributing to an increase in the number of domestic drug manufacturers.
The current crisis is expected to create significant opportunities for Saudi Arabia, given its strategic location and capabilities to serve the wider region, the minister said.
He underscored the importance of foreign investment, which views the Kingdom as resilient and responsive to challenges.
