- Advancing Aramco's efforts to attract more Chinese investment through IKTVA
Aramco Asia virtually hosted the China Suppliers Forum today to promote investment opportunities in the Kingdom of Saudi Arabia among Chinese partners and investors.
Under the theme of “Business Opportunities in the Post Pandemic Era”, the online event engaged diverse participants ranging from government officials and semi-government agencies to suppliers and manufacturers, and advanced Aramco's efforts to attract more Chinese investment through the In-Kingdom Total Value Add program (IKTVA).
Fahad Al Othman, Aramco Asia China Country Manager, addressed the forum's attendees noting: “This forum illustrates the great alignment between China's “Belt & Road” initiative and “Saudi Vision 2030”. It's a great venue to explore some of the opportunities emerging from these two farsighted visions by the leaderships of the People's Republic of China and the Kingdom of Saudi Arabia, and that of our own IKTVA program at Aramco.” Al Othman asserted, “We are ready to work with you and help you to take advantage of the IKTVA program and the investment opportunities available in the Kingdom.”
Speakers from the Saudi Ministry of Investment discussed some of the available opportunities in the Kingdom and presented the audience with an overview of key policy trends, growth outlook and available incentives. Representatives from Chinese government bodies and companies shared success stories of Chinese companies in the Kingdom.
Abdulrahman Al Hatlan, Director of Aramco Asia's Strategic Procurement & Logistic Department (SPLD), reiterated the strategic importance of the IKTVA program and encouraged the participants to seize the growing opportunities in the Kingdom. He expressed appreciation for the support and trust the company had received from Chinese partners over the years. “Through the event today, we have seen a momentum of resilience and agility. We shared investment opportunities under the IKTVA program, as well as government incentives for investment in the Kingdom. We also listened to our Chinese partners, collaborating with us in promoting investment in Saudi Arabia, by sharing their lessons learned and stories of successful investment.” Al Hatlan noted.
“Also, we've seen an adoption of new business platform SAP Ariba to provide seamless and better interaction with our suppliers in supply chain transactions, including sourcing, registration, procurement and IKTVA management,” he added.
Initiated by SPLD, the annual forum provides a platform for direct engagement with suppliers and partners, to strengthen bilateral relations and facilitate larger investments in Saudi Arabia by Chinese partners, in alignment with Saudi Vision 2030 and the IKTVA program.