RIYADH: International investors should be encouraged to become part of industrialization in Saudi Arabia as the Kingdom focuses more on localization and elevating local content, according to Suliman Al-Mazroua, CEO of the National Industrial Development and Logistics Program.
In an exclusive interview with Arab News on the sidelines of the Local Content Forum in Riyadh on Sept. 5, Al-Mazroua noted that Vision 2030 came with many tools to enhance the Saudi economy, and one of its verticals aims to elevate local content in the Kingdom.
He did however assure that localization and local content efforts will not hamper foreign investments in the Kingdom.
“Foreign Direct Investments are at the heart of local content. But instead of using this as a trade, we are asking them to be a part of industrialization in Saudi Arabia,” Al-Mazroua said.
He added: “We are open to more business. Having more FDI or more partners from the international community to participate, that is the aim.”
Al-Mazroua added that the small and medium enterprises sector is contributing a lot to the economic development of Saudi Arabia.
“More than 80 percent of industries in Saudi Arabia are built on SMEs, so we are currently relying on SMEs in many areas. During Covid-19, we have seen how resilient Saudi Arabia was when it comes to national resilience. We aim to develop and amplify that power,” he said.
