Asharqia Chamber launches “the Local Content Charter Initiative” to empower national enterprises in contracts, procurement and services

On Wednesday, May 8, 2019, Asharqia Chamber launched “the Local Content Charter Initiative” for the Private Sector Companies, as a part of its efforts to enable national institutions to develop the national economy, serve the business community and to strive to contribute effectively to achieving the objectives of the Vision of the Kingdom of 2030, in a move to create a genuine commitment from local companies to increase their purchases from national enterprises.

Abdul Hakim bin Hamad al-Ammar al-Khaldi, the Chamber’s president, said that the Local Content Charter Initiative comes with the belief of the Chamber that increasing local content in local businesses in line with new economic trends and an active commitment of national companies and institutions to increase the proportion of purchases from local enterprises.

The Chamber, therefore, considered the importance of a voluntary commitment charter that enhances local content options among private sector companies.

Al-Khaldi pointed out that the initiative aims at keeping pace with the efforts exerted nationally to promote and raise the percentage of local content in projects and procurement and technical contracts and advisory in order to increase the contribution of the national business sector to GDP that results in supporting income diversification schemes and providing more opportunities for entrepreneurial empowerment.

This is reflected positively on the rates of domestic production and the size of the national investment base and strengthens the capabilities of local enterprises to be more competitive and more profitable, enhancing national investment and marketing investment opportunities among local manufacturers and suppliers, as well as increasing the size of the local component and creating new jobs for the national labor forces.

For his part, the member of the Board of Directors and Chairman of the Committee of Industry and Energy in Asharqia Chamber, Ibrahim bin Mohammed Al-Sheikh, said that the initiative is based on the idea of voluntary commitment by local companies to deal with local suppliers to provide their needs for goods, production supplies, consultancy services, engineering and other services.

Thus, this will be giving priority to local product in the procurement of domestic enterprises, as well as stimulating small and medium enterprises, in particular.

The initiative aims to allocate up to 10% maximum of each purchase order or when needed for small and medium enterprises and give small and medium enterprises a preference for the price.

On Wednesday May 8, 2019, Asharqia Chamber held Ramadan Greetings at its headquarters, which brought together a large number of businessmen, economic elites and officials of various bodies, institutions and the media sector that is in line with its annual practice of communicating during the holy month.

The meeting aims to enhance the concept of communication with participants in all events that is in light of the fact that the holy month of Ramadan is an appropriate opportunity to hold such meetings with the most appropriate religious and social atmosphere.

Asharqia Chamber organizes Ramadan meetings, as it invests during the holy month of Ramadan in creating a constructive interaction that stems from the values of friendship and brotherhood among all parties in the economic center in the region, which positively affects the service of the national economy and what it aspires to reach according to the Vision of 2030.

On Thursday 4th of the holy month (09 / May / 2019) three similar meeting held in the headquarters of the branches of the Chamber in the governorates of “Jubail, Qatif and Khafji.”

The meeting of businesswomen will be held at the headquarters of the Chamber, which will be on the evening of Monday 8th of the holy month ( May 13, 2019).

All these meetings will be held at 10 pm.

Source: Asharqia Chamber