MoU Boosts Saudi Industrial Sector’s Role Worldwide

MoU Boosts Saudi Industrial Sector’s Role Worldwide

Sunday, 4 March, 2018 - 12:30
The Ministry of Defense organizes the Armed Forces Exhibition for Diversity of Requirements and Capabilities. (SPA)
Riyadh - Asharq Al-Awsat
The Council of Saudi Chambers and Saudi Electricity Company (SEC) signed on Saturday a strategic partnership Memorandum of Understanding (MoU) in the field of local development, in a move which contributes to realizing the Kingdom’s Vision 2030.

The MoU aims at enhancing joint cooperation between the Council and the Electricity Company by increasing private sector investments in industrial activity and enhancing total added value through organizing workshops and setting up forums and related programs to increase industrial local.

The agreement was signed by the two bodies in the presence of Maj. Gen. Engineer Attia Al Malki, Director General of the General Directorate of Local Manufacturing Support at the Saudi Ministry of Defense.

Council of Saudi Chambers Board Member Tarik Al Haidary stressed the importance of the MoU for the Saudi business sector, in light of the clear interest administrative interest to stimulate national economy sectors, especially the industrial sector.

The scope of cooperation under the terms of the memorandum of understanding includes 11 key areas—working towards achieving a qualitative leap in enhancing the local industrial content, enabling national factories to increase their local content by unifying and simplifying qualification benchmarks, and launching projects and industries that serve common objectives and support economic diversification.

More so, it encourages exploring means of cooperation to serve those concerned with enhancing industrial local content, enabling the Saudi industrial sector to become more active and competitive worldwide through the localization of goods and services, and job generation.

The cooperation between the Council of Saudi Chambers and SEC is driven by important strategic roles the two both play in national economy.

The Council represents the umbrella of the business sector in the Kingdom and works to enhance its participation in achieving Vision 2030 through a series of national and development initiatives.

SEC is considered one of the leading national companies and has programs to promote the participation of local industrial content in the field of electricity, job creation and manpower development within the Kingdom.

The agreement is based on the principle of realizing Vision 2030 and the localization of various industries.

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