The Local Content & Government Procurement Authority (LCGPA) launched the Local Content Partnerships initiative during a ceremony in Riyadh attended by several VIPs including ministers and representatives from government entities and major national companies. This initiative forms LCGPA’s first strategic plan that aims to establish lasting and sustainable partnerships with public and private sector companies in order to effectively contribute toward developing local content throughout various sectors in Saudi Arabia.
The ceremony also witnessed the announcement of the Local Content Coordination Council (LCCC) as LCGPA’s arm for coordinating efforts between public and private sector entities in order to develop the elements of local content and raise their potential within the Kingdom. LCGPA signed several MoUs in this regard with LCCC members, which comprise a number of major Saudi companies including: Saudi Aramco, SABIC, Saudi Arabian Mining Company (Ma’aden), Saudi Telecom Company (STC), Saudi Arabian Airlines, Saudi Electricity Company (SEC), and Saudi Commerce Chambers.
Moreover, the event included signing several MoUs between LCGPA and the Saudi General Authority for Military Industries (GAMI) to ensure an integrated development of local content at the local economy level.
Dr. Ghassan bin Abdulrahman Al-Shibel, LCGPA chairman, said the Local Content Partnerships initiative enables members, from major public and private sector entities, to work together toward a clear mission to develop and activate a strategy to boost local content, incorporate increased national elements on various fronts, including the workforce, commodities, services, assets, and technologies, and promote non-oil sectors’ capabilities based on Saudi Vision 2030.
Chairman of SABIC Dr. Abdul Aziz bin Saleh Al-Jarbou said that SABIC is proud to be a member of LCCC and committed to playing a leading role in enabling Saudi Vision 2030 and the National Industrial Development and Logistics Plan (NIDLP) to increase the local content and enable it as an economic source to increase the GDP.
STC Chairman Nasser bin Sulaiman Al-Nasser highlighted several programs launched by STC including the “Rawafed” program that supports the nationalization of jobs, industries, and innovation, in addition to supporting SMEs.
SEC CEO Fahad bin Hussein Al-Sudairy stated that over the past five years, the company has given a competitive advantage of 10 percent to the prices of local factories, compared to foreign products, to stimulate them and increase their market share in the field of electrical industries. The number of local factories registered with the company’s systems surged by 840 percent to 575 factories.