Siemens finds localization advances business and society in line with Vision 2030

Vision 2030 is providing the momentum to propel Saudi Arabia toward a new era of prosperity. The government is therefore working even closer with the private sector to achieve the ambitious yet achievable goals of the vision and the related targets of the National Transformation Program (NTP).
Currently, the Kingdom’s private sector contributes 40 percent to its GDP and the goal is to increase this to 65 percent by 2030. The focus is on growing and further localizing priority sectors of the Saudi economy, which covers energy including renewables as well as manufacturing, transport and health care. 
Arja Talakar, CEO, Siemens Saudi Arabia, says: “However, Siemens has been at home in the Kingdom for over 85 years. The one who is at home contributes toward the development and well-being of the household. Siemens was born in Germany, grew up in Europe and is at home in the world. With our majority Saudi employees and a strong local manufacturing and value chain footprint, we are a truly local company in the Kingdom.” 
While important factors such as price, technology and organizational capability continue to drive competition, the localization of value chains in the Kingdom’s key economic sectors has become the major source of competitive advantage and this trend will continue. Localization is good for business and for the Saudi society. 
As one of the oldest Fortune 100 companies, Siemens makes societal value contribution as one of its main missions. “Siemens exists to continuously contribute to the well-being and progress of societies around the world. This is a long-term commitment also in Saudi Arabia that is honored in a sustainable way every day, every year and for an entire lifetime,” Talakar added.
Collectively, the initiatives support the ramping up of resources and capabilities to build new industries and drive economic diversification in line with Vision 2030.

Source: Arab News