QatarEnergy Launches ICV+ Programme: How Is It A Game-Changer For Local Manufacturers And Economic Growth

In a significant development aimed at bolstering the local economy, the enhanced ICV (In-Country Value) Program has been launched, marking a collaborative effort between QatarEnergy and various stakeholders, including the Ministry of Finance and the Ministry of Commerce and Industry, alongside suppliers, energy champions, and industry experts.

This initiative builds upon the groundwork established by the original ICV program initiated in 2019, introducing substantial enhancements to make it more comprehensive, flexible, and advantageous for all involved parties.

At the heart of these improvements is the introduction of a revised ICV formula designed to broaden the evaluation of local contributions across companies. This amendment is complemented by a new bonus scheme that rewards organizations for their impactful contributions in select areas, thereby providing a more accurate gauge of their economic impact on Qatar.

A standout feature of the revamped programme is the ICV+ policy, tailor-made to support local manufacturers specifically. This initiative emphasizes the importance of nurturing Qatar's manufacturing sector, empowering local businesses to meet the changing needs of the industry and contribute more significantly to national economic expansion. By focusing on the development of local manufacturing capabilities, the ICV+ policy aligns with broader economic goals, ensuring that Qatar’s industrial sector remains robust and competitive on a global scale.

Furthermore, the programme introduces measures to enhance the support for micro and small enterprises, crucial for the diversification and growth of Qatar's economy. A notable initiative is the Blanket Score policy, which offers a standardized ICV score to bolster their market competitiveness. Additionally, the simplification of the certification process aims to reduce the administrative and financial hurdles for these smaller entities, especially those engaging directly with the Energy sector. These steps are indicative of QatarEnergy's dedication to creating an inclusive local supply chain that nurtures businesses of all sizes.

In an effort to streamline and enhance the ICV certification landscape, the programme is now open to an increased number of certification bodies, contingent upon meeting predefined criteria. This expansion is anticipated to augment the efficiency of certification procedures and provide suppliers with a broader array of certification options, thereby facilitating easier access to ICV certification for companies.

The impact of the ICV programme on Qatar's economy has been notably positive, with the local contribution of the Energy sector doubling from 14% to 28.5% and facilitating the creation of approximately 7,000 jobs. These achievements underscore the program's successful trajectory in fostering local development and economic growth.

Tawteen, the entity tasked with overseeing the ICV programme, is set to release comprehensive details about the enhancements, including information on upcoming stakeholder awareness sessions and the process for ICV certifier applications. This initiative reflects a concerted effort to engage with all stakeholders and ensure the effective implementation of the ICV enhancements.