MoU signing ceremony
Saudi Arabia's Ministry of Investment signed a memorandum of understanding (MoU) with GlaxoSmithKline in the fields of healthcare and life sciences, Saudi Press Agency reported.
The estimated value of the project will exceed SAR 150 million during the first five years.
The move aims to improve the investment environment in the fields of healthcare and life sciences as well as localize manufacturing and develop research and studies through integrated projects, which makes the Kingdom a regional self-care research center.
The memorandum will create investment opportunities, develop policies for self-care and self-medicine, raise the level of services and transfer expertise and technology. In addition, it will contribute to boosting local content, which allows selling the company's product locally.
The move will also help create more job opportunities and raise the contribution of women in the sector.
The ministry will facilitate the company's communication with the relevant government agencies and provide support to overcome any potential challenges.
The signing of the MoU comes as part of the ministry's goals to lure more investments, enable the healthcare and life sciences sector to grow further, in addition to helping seize the investment opportunities and localize knowledge and expertise.
This also aims to develop systems and policies as well as enhance access to healthcare services through the public-private partnership. Further, the move aims to boost the partnership efforts with the private sector in the social and economic transformation, in line with Vision 2030.
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