“Saudi Arabia attaches great importance to local content, localization and foreign investors, and its policy look at the presence of foreign investor as a tool to achieve higher goals,” he said.

Al-Falih made these remarks while addressing the first session titled “The Impact of Local Content on the National Economy” at the Local Content Forum here on Monday.

He said that the local content policies are a tool, and they are neither a goal nor an end in itself.

“We must differentiate between localization versus local content, which is one of the regulatory and legislative tools that different countries use within certain limits to achieve broader strategies and policies for localization.”

Al-Falih stated that international investors coming to the Kingdom are looking for the local market and competencies, and taking advantage of the Kingdom’s capabilities to obtain international competence.

He stressed the importance of attracting foreign investment as well as promoting local investment, saying that this would benefit the local market as a temporary stimulus, and lead to withdrawal of regulatory restrictions or financial incentives given in exchange for local content.

“We are proud of the fact that the Saudi market is strong and robust,” Al-Falih said.

He noted that the global economy has begun transforming dramatically and increasingly and it focuses on technology, information and services in the tourism sector and its localization.