Saudi Aramco reaffirmed its commitment to help drive sustainable economic growth and diversification across the Kingdom through the promotion of its In-Kingdom Total Value Add (IKTVA) program during the 4th Saudi U.S. Business Opportunities Forum taking place March 22-23 in Riyadh, Saudi Arabia.
Speaking at a plenary session on the first day of the Forum, Saudi Aramco’s Vice President of Procurement and Supply Chain Management, Abdulaziz Abdulkarim said: "Two critical objectives guide our new IKTVA localization program: First, we will double the percentage of locally-produced energy-related goods and services to 70 percent by 2021, And second, our local energy goods and services industry will export 30 percent of its output over the same period."
He continued, "IKTVA is a win-win proposition for companies able to build a deep and lasting relationship with the Kingdom by setting-up shop here and investing in training and workforce development, to help capture their share of Saudi Aramco’s future spend on materials and services."
IKTVA, launched in December 2015, is the Company’s commitment to local content development that is now required across its domestic and international supply chains and is helping drive investment, economic growth and diversification, job creation and work force development within the Kingdom.
The Saudi U.S. Business Opportunities Forum is a high-level gathering of senior officials and business leaders from Saudi Arabia and the United States. This three-day forum will explore opportunities for greater economic collaboration between the two nations as well as provide an unparalleled business networking environment.