Investment Magazine / Exclusive
The Minister of Economy, Industry, and Investment announced that his ministry is set to issue decisions to localize a list of approximately 20 domestic products, implementing measures to protect them through mechanisms that support national industries. He described this initiative as a significant step toward stimulating the national economy and enhancing the competitiveness of local products.
On Tuesday, March 26, 2025, Minister Maeen Hashem Al-Muhaqari emphasized that strengthening local production is a fundamental pillar of building a robust economy. He underscored the importance of achieving the highest levels of success in this sector, particularly in light of the current challenges facing the country.
The minister also instructed the Localization Committee to complete all data related to the goods included in the first phase of protection and localization decisions and to begin preparing the second phase. This initiative aims to safeguard national capital, promote industries, increase domestic production, and reduce import costs.
Furthermore, the minister stressed the need to finalize legal amendment projects and incorporate feedback from relevant entities before submitting them to the Cabinet after the Eid Al-Fitr holiday. He explained that these amendments would help resolve many issues faced by the private sector and improve the investment climate in the country.
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