On 5 December 2019, Aramco India hosted the maiden Aramco India Suppliers Forum in New Delhi, India to promote the In Kingdom Total Value Add (IKTVA) investment opportunities and investment in the Kingdom of Saudi Arabia.
The forum witnessed participation from over 200 participants from government, semi-government agencies, industrial associations and companies from India to explore IKTVA localization opportunities and investment in Saudi Arabia.
The event was graced by the presence of H.E. Dr. Saud bin Mohammed Al Sati, the Ambassador of KSA to India, Mr. P. Udayakumar, Director (Planning & Marketing), National Small Industries Cooperation, Government of India Enterprise and Mr. Abdul Rahman M Hatlan, SPLD Director, Aramco Asia.
Aramco India hosts Suppliers Forum 2019 in New Delhi to promote investment opportunities in KSA
At the forum, representatives from Aramco Asia India SPLD, Saudi Arabian General Investment Authority (SAGIA), National Industrial Development & Logistics Program (NIDLP) and Saudi Aramco Nonmetallic Initiative made elaborate presentations on the attractive investment environment in Saudi Arabia; highlighting improvement of the Saudi economy, key incentives, favorable policies and success stories.
Success story presentations were also delivered by major Indian companies - L&T Hydrocarbon Engineering, Tata Consultancy Services and Enpro Industries.
During the forum, Aramco India signed a Memoranda of Understanding (MoU) with National Small Industries Corporation Limited (NSIC) on strategic collaboration and cooperation to promote sourcing requirements and assist Indian suppliers for investment opportunities in Saudi Arabia.
During his address, Aramco India President Mr. Mohammed Al-Mughirah remarked that “one of our key focus areas is to expand our supplier base in India with an aim to increase the value of goods and services sourced from the Indian sub-continent. We see this as a ‘win–win’ opportunity for all of us and look forward to further enhancing business relations with our esteemed suppliers.”
The forum is one of a series of endeavors the company has launched to promote IKTVA program and facilitate further alignment with ‘Vision 2030’.