Riyadh – Mubasher: Aramco Asia hosted the 2019 Suppliers Forum in Shanghai, China, to promote the In Kingdom Total Value Add (iktva) investment opportunities and investment in Saudi Arabia.
The forum is considered one of a series of endeavours the company has launched to promote iktva program and facilitate further alignment between Saudi Arabia’s Vision 2030 and the Belt & Road Initiative.
The event attracted more than 300 participants from government and semi-government agencies, industrial associations, and companies from China to explore iktva localization opportunities and investment across the kingdom, according to Aramco’s recent statement.
Representatives from Saudi Aramco, Saudi Arabian General Investment Authority (SAGIA), King Salman Energy Park (SPARK), and other government entities attended the event.
On the sidelines of the forum, Aramco Asia 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.
The agreements also aimed at bringing potential Chinese investors to Saudi Arabia.
“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, favourable and transparent treatment in the Kingdom,” Fahad Al Othman, Aramco Asia China Country Manager, commented.
