In a significant move to further align with the objectives of the Tawteen initiative, QatarEnergy has announced the launch of an enhanced In-Country Value (ICV) programme. This programme is designed to boost the involvement of local companies in the energy sector and contribute to the sustainable development of the local economy.
The improved ICV program was developed through working closely with important groups like the Ministry of Finance Ministry of Commerce and Industry, suppliers energy leaders and industry experts.
Expanding on the original ICV program from 2019 this updated version has made important improvements to make the program better for everyone involved.
Key Amendments to the Programme
The enhanced ICV programme brings forward several key amendments, including:
Refined ICV Formula:
The programme’s key update is the refined ICV formula, which is engineered to provide a wider scope of the local contribution for all companies. This formula is designed to accurately reflect each company’s impact on Qatar’s economy.
Bonus Scheme:
A bonus scheme has been introduced to reward companies for their positive contributions in selected fields. This scheme is designed to empower companies and encourage them to make significant contributions to the local economy.
ICV+ Policy:
The enhanced ICV programme introduces the ICV+ policy, which is specifically designed to provide targeted support to local manufacturers.
This policy highlights the program’s focus on strengthening Qatar’s manufacturing sector’s capabilities, empowering local businesses to satisfy the sector’s changing demands and support the nation’s economic expansion.
Blanket Score Policy:
The programme introduces a ‘Blanket Score’ policy offering a standardised ICV score to support the competitiveness of micro and small enterprises. This policy is designed to empower micro and small enterprises and enable them to compete effectively in the market.
Simplified Certification Process:
A simplified certification process has been introduced to alleviate the administrative and financial burden for micro and small enterprises working directly with the energy sector.
This process is designed to make it easier for micro and small enterprises to obtain ICV certification and participate in the programme.
Benefits of the Enhanced ICV Programme
The enhanced ICV programme is expected to have a significant impact on the local economy, including:
Increasing Local Contribution:
The programme is expected to increase the local contribution of the energy sector, which will have a positive impact on the local economy.
Job Creation:
The programme is expected to create jobs and stimulate economic growth, which will have a positive impact on the local community.
Fostering Inclusive Local Supply Chain:
The programme is designed to foster an inclusive local supply chain, where businesses of all sizes can thrive. This will enable micro and small enterprises to compete effectively in the market and contribute to the local economy.
Targeted Support to Local Manufacturers:
The programme provides targeted support to local manufacturers, which will enable them to develop their capabilities and contribute to the country’s economic growth.
Impact of the ICV Programme
Over the past few years, the ICV programme has achieved substantial milestones, marked by a notable surge in the energy sector’s local contribution from 14% to 28.5%, accompanied by the creation of approximately 7,000 job opportunities.
The programme has also enabled local companies to develop their capabilities and contribute to the country’s economic growth.
Registration and More Information
To register or get more information on the ICV programme, please visit icv.qa or email info@tawteen.com.qa. The programme is open to all companies operating in the energy sector, and registration is now open.
Conclusion:
The enhanced ICV programme is a significant move by QatarEnergy to boost the involvement of local companies in the energy sector and contribute to the sustainable development of the local economy. The programme’s key amendments, including the refined ICV formula, bonus scheme, ICV+ policy, Blanket Score policy, and simplified certification process, are designed to make the programme more inclusive, adaptable, and beneficial for all participants. The programme is expected to have a significant impact on the local economy, including increasing the local contribution of the energy sector, creating jobs, fostering an inclusive local supply chain, and providing targeted support to local manufacturers.