The In-Country Value (ICV) program in Qatar is a strategic initiative that aims to enhance the economic development of the country by increasing the contribution of local industries, promoting the growth of small and medium-sized enterprises (SMEs), and creating job opportunities for Qatari nationals. It was introduced as part of the country’s efforts to diversify its economy and reduce reliance on the oil and gas sector.
Key Objectives of the ICV Program:
- Economic Diversification: Qatar’s economy has traditionally been heavily reliant on revenues from oil and gas exports. The ICV program seeks to diversify the economy by encouraging investment in various non-oil sectors. By doing so, Qatar can develop new sources of revenue and increase economic resilience.
- Local Industry Development: The ICV program emphasizes the importance of supporting and nurturing local industries. It encourages companies operating in Qatar to procure goods and services locally, which helps build the capabilities of domestic suppliers and service providers. This, in turn, strengthens the competitiveness of local businesses in both domestic and international markets.
- Job Creation for Qatari Nationals: One of the primary goals of the ICV certification Qatar is to increase the employment of Qatari nationals in the private sector. Companies are incentivized to employ more Qatari citizens, and higher ICV scores are awarded to those that prioritize local workforce participation. This initiative aligns with Qatar’s broader vision of empowering its citizens through meaningful employment opportunities.
- Encouraging Research and Development (R&D): Innovation and technological advancement are key pillars of the ICV program. Companies are encouraged to invest in research and development activities to drive innovation, foster new technologies, and improve the competitiveness of Qatar’s industries.
ICV Certification Process:
The ICV certification process evaluates various aspects of a company’s operations, aiming to assess its contribution to the local economy and society. Companies must register with the ICV program and provide relevant information and documentation to demonstrate their compliance with the program’s criteria.
The evaluation criteria typically include factors such as local procurement, local manufacturing, employment of Qatari nationals, investment in research and development, and support for SMEs. The higher a company’s ICV score, the greater its commitment to supporting Qatar’s economic growth and development.
Benefits of ICV Certification:
ICV certification offers several benefits to companies operating in Qatar, including:
- Competitive Advantage: ICV certification can provide a competitive edge to businesses, especially when participating in tenders and projects within Qatar’s government and private sectors.
- Access to Opportunities: Certified companies may gain preferential treatment in government procurement and contracting processes, increasing their access to lucrative projects and business opportunities.
- Reputation and Trust: ICV certification enhances a company’s reputation as a responsible corporate citizen, committed to contributing positively to Qatar’s socio-economic progress.
The In-Country Value (ICV) program in Qatar is a comprehensive and strategic approach to strengthen the nation’s economy, promote local industries, and create sustainable employment opportunities for Qatari nationals. By encouraging companies to invest in the country, prioritize local procurement, and support research and development, Qatar is fostering a diverse, dynamic, and sustainable economy that aligns with its long-term vision for growth and prosperity.