Saudi Aramco highlighted its support for sustainable economic growth and diversification across the kingdom by promoting its In-Kingdom Total Value Add (IKTVA) programme at the Saudi-US Business Opportunities Forum.

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 workforce development within the kingdom, said a statement from the company.

The forum is a high-level gathering of senior officials and business leaders from Saudi Arabia and the US, 
it added.

The event explored opportunities for greater bilateral economic collaboration as well as providing an unparalleled business networking environment.

Saudi Aramco’s vice president of procurement and supply chain management Abdulaziz Abdulkarim, said: “Two critical objectives guide our new IKTVA localisation programme: first, we will double the percentage of locally produced energy-related goods and services to 70 per cent by 2021, and second, our local energy goods and services industry will export 30 per cent of its output over the same period.”

“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 (Saudis) capture a share of Saudi Aramco’s future spend on materials and services,” he added. 

Saudi Aramco has said that IKTVA provides a level playing field for domestic and international suppliers though greater consistency and increased transparency in application and process.