Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef revealed that the Ministry of Energy and Saudi Aramco are working closely to create a joint team and ensure that related projects are progressing appropriately, including those of the “In Kingdom Total Value Add” (IKTVA) program for the supply sector.
The IKTVA program aims to help drive domestic value creation in the Kingdom and build a supply chain that helps maximize the long-term economic growth and diversification of Saudi Arabia.
Speaking during the inauguration of the sixth edition of IKTVA, which is organized by Saudi Aramco, AlKhorayef told Asharq Al-Awsat that joint work is the only way to achieve the desired goals of the industrial renaissance in the country.
He added that the IKTVA program reflects awareness in national companies for creating opportunities and investing in sectors that help strengthen the foundation of supply and Saudi Arabia’s dependence on internal capabilities.
The minister pointed to the international mining forum, which was held recently in the capital, Riyadh, witnessing a great turnout from local and foreign investors.
Providing raw materials for industries is the future challenge for the entire world, noted AlKhorayef, adding that Saudi Arabia is rich in materials that are essential for vital sectors and future industries such as renewable and advanced energy.
AlKhorayef stated that work with Aramco and major national companies is still ongoing and is proceeding in the appropriate manner.
“All parties are working to help investors identify appropriate opportunities to fill any gap in the supply chain and help these projects to quickly achieve their goals, as well as provide the advantages they need or other incentives,” said AlKhorayef.
Held under the theme "Paving the way to economic success", the IKTVA forum highlights how partnerships with some of the world’s top energy, logistics, and manufacturing companies continue to enhance the domestic commercial ecosystem and enable a reliable supply of energy to the world.
The forum also recognizes the outstanding achievements of Aramco’s program partners across ten categories, which include overall IKTVA performance, training, Saudization, female representation, supplier development, and exports.
