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FDI: Entry and ownership rule
In a press release, dated 22 October 2015, the Saudi Arabian General Investment Authority and the Ministry of Health joined forces to encourage investment in the health care, medical equipment manufacturing, and pharmaceutical sectors. The goals of this initiative, which are likely to have implications for foreign commercial interests, were spelled out: "Nasser al-Tuwyan, spokesman for SAGIA, said the six-point plan aims to send the pharmaceutical industry's contribution to the gross domestic product from 3.2 per cent now to more than five per cent over a span of ten years from now.
"It also seeks to deliver high-quality medical services, boosting the efficiency of current services, and achieve self-sufficiency of medical cadres, doubling job opportunities in this sector and hit a Saudisation (naturalisation of jobs) ratio of 40 per cent in the healthcare and pharmaceuticals domain, according the spokesman, who was speaking to Al-Eqtisadiah.
"The ambitious plan aims to reduce the Arab country's imports of pharmaceuticals and medicines to less than 70 per cent and procure top-of-the-line medical equipment to ultimately produce key medicines."
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