ICV evaluates the contribution of companies operating in the UAE to the national economy. The In-Country Value (ICV) program, initiated by the government in 2018, aims to boost the utilization of locally produced goods and services in both public and private sector transactions. Integral to the UAE’s economic diversification strategy, this article seeks to provide UAE suppliers and contractors with a comprehensive understanding of ICV, its significance, and strategies for maximizing its benefits. ICV Certificate UAE offers professional assistance in obtaining ICV scores and participating in government tenders.
Benefits of ICV for UAE Suppliers and Contractors
The In-Country Value program offers several advantages to suppliers and contractors in the UAE:
- Enhanced Access to Government Contracts: Contractors and suppliers with high ICV ratings receive preference, increasing their chances of securing government contracts.
- Improved Brand Reputation: Participation in the ICV program demonstrates a commitment to strengthening the UAE economy, and enhancing the brand reputation of suppliers and contractors.
- Increased Competitiveness: By raising the local content of goods and services, suppliers and contractors can lower costs, gain price competitiveness, and improve their overall competitiveness.
- Widening Market Share: Participation in the ICV program enables suppliers and contractors to access new markets and opportunities, thus expanding their market share.
- Business Opportunities: The ICV program can lead to new business opportunities as suppliers and contractors collaborate with nearby companies to create innovative goods and services or enter new markets.
Therefore, all suppliers and contractors need to obtain ICV certification for their businesses, and seeking assistance from ICV consultants in the UAE is advisable.
Strategies to Maximize ICV Benefits for UAE Suppliers and Contractors
To optimize the benefits of the ICV program, suppliers and contractors should consider the following strategies:
- Understand ICV Program Prerequisites: Gain a thorough understanding of ICV program requirements, classifications, computation processes, and certification procedures, available on the ICV website.
- Create an ICV Plan: Develop a comprehensive ICV strategy outlining how to enhance the local content of products and services, including specific goals and timelines.
- Collaborate with Local Suppliers: Form alliances with regional vendors to increase the proportion of locally produced goods and services, negotiating favorable terms and conditions.
- Invest in Local R&D: Support regional research and development by partnering with local universities and research institutions or establishing local R&D facilities.
- Develop the Local Workforce: Invest in training and developing the local workforce to create a pool of skilled laborers meeting the demands of the UAE economy.
- Support Regional Companies: Stimulate employment growth and the local economy by acquiring products and services from local companies.
How ICV Certificate UAE Can Maximize ICV Benefits
ICV Certificate UAE offers professional assistance to optimize ICV scores, ensuring maximum benefits for competitiveness and growth. Additionally, the team provides training and development programs to enhance internal ICV capabilities, making it a valuable resource for businesses in the UAE. Contact ICV Certificate UAE for expert guidance and support in maximizing ICV benefits for your business and we shall be glad to assist you.
Read More: ICV requirements in UAE: Tips for Small and Medium Sized Enterprises
