- Event attracted more than 200 Chinese suppliers and Saudi officials to explore investment opportunities in Saudi Arabia
- Two MoUs signed with Chinese entities for strategic collaboration promoting iktva and investment in Saudi Arabia
Shanghai, August 27, 2019 – Aramco Asia hosted today the 2019 Suppliers Forum in Shanghai to promote the In Kingdom Total Value Add (iktva) investment opportunities and investment in the Kingdom of Saudi Arabia.
The forum attracted more than 300 participants from government and semi-government agencies, industrial associations and companies from China to explore iktva localization opportunities and investment in Saudi Arabia. The event was also attended by Dr. Mohammed Al-Otaish, Commercial Counsellor at Royal Embassy of the Kingdom of Saudi Arabia in China.
At the forum, representatives from Saudi Aramco, Saudi Arabian General Investment Authority (SAGIA), King Salman Energy Park (SPARK) and other government entities gave presentations on the attractive investment environment in Saudi Arabia and available business opportunities; highlighting improvement of the Saudi economy, key incentives, favorable policies and success stories.
At the forum, the company signed two separate Memoranda of Understanding (MoUs) with China Overseas Development Association (CODA) and with TEDA Investment Holding Company Limited (TEDA) on strategic collaboration and cooperation to promote iktva program and investment opportunities in the Kingdom and bring potential Chinese investors to Saudi Arabia.
Speaking at the event, Aramco Asia China Country Manager Fahad Al Othman emphasized the importance of the forum in his welcome remarks. “Today’s forum focuses on stronger investment relations between Saudi Arabia and China. I strongly believe that we need to work closely in the next couple of years to consolidate our investment relations. I think the further alignment between our ‘Vision 2030’ and China’s ‘Belt & Road’ Initiative presents us an unprecedented opportunity to cement our investment ties and ensure Chinese investors to have fair, favorable and transparent treatment in the Kingdom.”
Abdulrahman Al Hatlan, director of Aramco Asia Strategic Procurement & Logistic Department (SPLD), Aramco Asia Shanghai Branch, emphasized on the available opportunities resulted from iktva and other national programs and the support Aramco Asia is availing to facilitate these opportunities. He also expressed his appreciation to all the participants at the forum in his concluding remark. “We will do our best to carry forward our efforts and you all will always be an integral part of the Saudi Aramco story and Saudi Arabia vision. I look forward to our next steps together and to hopefully listen to your investment success stories in future forums.”
The forum is one of a series of endeavors the company has launched to promote iktva program and facilitate further alignment between the “Vision 2030” and the “Belt & Road” Initiative. This time it particularly targets Chinese investors and suppliers.