ICV is a total spend retained in-country that benefits business development, contribute to human capability development and stimulate 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, contribute to human capability development and stimulate productivity in the Omani economy. Simply said, products made and services provided by skilled Omanis.
What are the key objectives of the ICV?
1. Increasing Omanisation and developing the skills of national workforce.
2. Increasing in-country spend on local goods and services
The program, known as the ICV Blueprint Strategy, was introduced in late 2013 aiming at achieving optimal value from the country’s petroleum resources. ICV policies are one of the means of which policy makers in countries gain additional benefits to the economy beyond the direct contribution of selling the extraction of exhaustive resources like 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 of which bidders are evaluated upon accordingly. The same ICV elements play a key role in evaluation criteria along side quality and commerciality. The ICV elements are:
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 minimize the working capital and inventory required.
A new electronic system called Ta’ziz has been 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 along with multinational projects.
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