Mr Paolo Rocca, Tenaris Chairman & CEO, participated in the first Saudi Iron & Steel Conference in Riyadh. Speaking on the panel ‘Saudi’s Potentially Pivotal Role in Global Steel’, he focused on the investment in steelmaking and processing capacity in Saudi Arabia as the country focuses on becoming more self-sufficient. During his speech, Rocca tackled three major points required to develop the industrial sector in Saudi Arabia. First he addressed the willingness of the Saudi government to protect local content and take concrete actions to promote the growth of local manufacturing, in order to support the energy and construction sectors. Rocca cited the example of the new United States–Mexico–Canada Agreement. Previously, the US proposed that only vehicles with 62.5% US content by value be allowed to enter the US duty-free. However, under current North American Free Trade Agreement rules, vehicles must have at least 75% regional value content to enter the US duty-free – with at least 70% of steel produced in the region- in order to have access to the intra-trade.
Second, Rocca made a point on the regional approach to grow manufacturing in GCC countries, building on the strong oil and gas value chain.
Lastly, Rocca highlighted the investments that the Saudi government has been promoting in education, as well as how it has been strengthening the human re