Saudi Arabia opening up to foreign markets boldly, cautiously: Minister

Faisal Alibrahim, Minister of Economy

Minister of Economy Faisal Alibrahim said that opening up to foreign markets must be done cautiously and boldly so as not to harm opportunities to support local content and local industries and not deprive them of competition and the opportunity to foray into foreign markets.

Speaking during a session at the Local Content Forum, Alibrahim added that local content must be backed without weighing on the competitiveness of the private sector, noting that competitiveness in the private sector helps raise quality and reduce costs.

Free trade agreements cover only 5% of GDP, said the Minister, adding that work is underway with GCC countries to increase the number of free trade agreements to enter more markets.

He also indicated that the signed terms and conditions come in favor of the Kingdom more than any other country.