Local Content is the amount of local people, material and services that is involved in the project or business when a foreign company makes products in a country. A minimum level of the Local Content is sometimes a requirement under trade laws when giving foreign companies the right to manufacture in a particular place. Many oil and gas producing countries are introducing requirements for the Local Content into their regulatory frameworks. These requirements aim to create jobs, promote enterprise development, and accelerate the transfer of skills and technologies. The Local Content has become a strategic issue for the oil and gas industry. (Opposite of the Foreign Content)
Related Definitions in the Project: The Project Management; Project Contract
