Saudi Arabia’s national petroleum and natural gas company Saudi Aramco launched on March 20 a center for contractors and suppliers to facilitate the registration process and help contractors reach the company, Invest-Gate reports.
According to a statement, the center is part of Saudi Aramco’s efforts to drive domestic value creation through its In-Kingdom Value Add (IKTV) program. The program is the company’s new strategy to increase locally-made products and services, localize innovation and technology, and create job opportunities for citizens.
“[This center] will further enhance registration efficiency and communication with our partners,” said Saudi Aramco’s Vice President for Procurement & Supply Chain Management Abdulaziz Al-AbdulKarim.
“The company gives priority to local production, and through its IKTVA program it encourages contractors and suppliers to compete and achieve higher levels of localization,” he adds.
The IKTVA program is in line with the Saudi Vision 2030 objectives and the National Transformation Program aiming to encourage the private sector to manufacture locally-made products and provide local services. This also comes as part of efforts to decrease the Saudi economy’s reliance on imports, especially in the energy sector and related industries.