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El-Hiri Highlights Shift to Local Production
Economist Abdul Razzaq Al-Hiri considerations: the statement about the current account deficit reaching 3.6% of gross domestic product requires an analysis of the sources financing this deficit and the composition of imports leading to it. He explained that importing machinery and equipment can be a productive investment that contributes to increasing productive capacity and developing exports, provided this is reflected in local production. He emphasized that the main challenge is transitioning from an economy that relies on importing inputs to one that gradually participates in producing them. Achieving this requires an integrated vision for investment and trade policies, with a focus on developing local content, green industries, and technological sectors, in order to effectively manage the deficit and achieve a structural transformation in the national economy.
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