In recent years, Qatar has taken significant strides towards promoting local economic growth and diversifying its industries. One key initiative driving this effort is the In-Country Value (ICV) certification program. The ICV program aims to enhance the contribution of local businesses and create sustainable employment opportunities for Qatari nationals. In this article, we will explore the In country value Qatar certification, its objectives, benefits, and its role in fostering economic development.
What is ICV certification?
ICV certification is a framework established by the Qatar Financial Centre Authority (QFCA) to evaluate and measure the economic impact of business activities in Qatar. It assesses the extent to which companies operating in the country contribute to the local economy, particularly in terms of supporting local employment, developing local supply chains, and transferring knowledge and technology to Qatar.
Objectives of ICV certification
The primary objectives of ICV certification are as follows:
- Promoting local employment: The ICV program encourages companies to hire Qatari nationals and develop their skills and capabilities through training and knowledge transfer initiatives. It aims to create job opportunities for local talent and reduce reliance on expatriate workers.
- Developing local supply chains: By encouraging companies to source goods and services locally, the ICV program stimulates the growth of domestic industries and supports local suppliers and manufacturers. This reduces import dependence and boosts the resilience of the Qatari economy.
- Enhancing technology and knowledge transfer: ICV certification incentivizes companies to share their technical expertise, research, and development activities with local partners. This helps build local capabilities and promotes innovation within Qatar’s industries.
ICV certification criteria
To achieve ICV certification, companies are assessed based on a set of criteria that determine their contribution to the local economy. The criteria typically include:
- Local spend: This measures the percentage of a company’s annual expenditure that is directed towards local goods and services, such as procurement, subcontracting, and other operational costs.
- Workforce composition: The ICV program encourages companies to maintain a certain percentage of Qatari nationals in their workforce and supports initiatives for their development and advancement.
- Knowledge transfer: Companies are evaluated on their efforts to transfer knowledge and technology to Qatar through training programs, research partnerships, and collaborations with local educational institutions.
- Local manufacturing and production: Companies involved in manufacturing or production activities are assessed on the value of their local production and their contribution to expanding the manufacturing sector in Qatar.
Benefits of ICV certification
ICV certification offers several benefits to companies operating in Qatar, including:
- Competitive advantage: ICV certification provides companies with a competitive edge when participating in government tenders and procurement processes. Certified companies often receive preferential treatment and are more likely to secure contracts.
- Access to incentives and support: Certified companies may be eligible for various incentives, including financial assistance, training programs, and access to government support services. These benefits contribute to the overall growth and sustainability of the business.
- Reputation and market recognition: ICV certification demonstrates a company’s commitment to the local economy, creating a positive brand image and enhancing its reputation among stakeholders, including customers, investors, and partners.
- Collaboration opportunities: ICV certification facilitates partnerships and collaborations with local businesses and institutions, enabling knowledge sharing and fostering mutually beneficial relationships within the Qatari market.
The ICV certification program in Qatar plays a vital role in promoting local economic growth, diversification, and sustainability. By incentivizing companies to prioritize local employment, develop local supply chains, and transfer knowledge and technology, Qatar aims to create a vibrant and resilient economy that benefits its citizens. As more companies embrace the ICV program, Qatar moves closer to achieving