ICV is a total spend retained in-country that benefits business development, contributes to human capability development and stimulates productivity in the Omani economy. The ICV elements are:
The Omani Government defines In Country Value (ICV) as “the total spend retained in-country that benefits business development, contributes to human capability development and stimulates productivity in the Omani economy. Simply said, products made by and services provided by skilled Omanis.
The program, known as the ICV Blueprint Strategy, was introduced in late 2013 aimed at achieving optimal value from the country’s petroleum resources. ICV policies are one of the means by which policy makers in countries gain additional benefits to the economy beyond the direct contribution of selling exhaustive resources such as oil and gas. The objective of implementing such policies is also to build a workforce that is trained to international standards and to build effective and resilient domestic supply chains.
In Oman, ICV is heavily promoted in the oil and gas industry and encompasses a set of 7 elements which are factored into the tender evaluation criteria for which bidders are evaluated on. As well as playing a key role in the evaluation criteria, these ICV elements also play a part in quality and commerciality.
Companies engaging in ICV are viewed as a responsible partner and benefit from their special status. Furthermore, establishing local manufacturing capabilities can help operators shorten the lead times for sourcing of goods and minimise the working capital and inventory required.
A new electronic system called Ta’ziz was introduced earlier this year by the Omani Authority for Partnership for Development, to offer Omani companies a chance to participate in multinational projects and contribute to the In-Country Value (ICV). It will allow Omani SMEs to register online to work alongside multinational projects.
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