What Is In-Country Value Certification and Its Importance For Businesses?

What Is In-Country Value Certification and Its Importance For Businesses?

An In-Country Value Certificate is a document that is recognized by the government and other agencies for the quality of local products and services. These businesses are also required to have this certification for their employees and products. An ICV certificate is a form of validation that shows that a company is meeting the standards required to receive the certification. You can get this certificate from the ICV certification body. The certificate provides information on the company and its product, as well as an in-depth breakdown of the ICV score.

Improve business value:

The In-Country Value program was first implemented in the ADNOC group of companies in 2018 and has since been expanded to different governmental and semi-governmental entities. Its implementation is governed by the Ministry of Technology and Advanced Technologies and will be expanded to the federal level of the UAE by September 2021. The program is composed of two parts: implementation and certification. For companies, the ICV implementation process is a critical step in improving a business’s value.

Helps local businesses obtain a competitive edge:

An ICV certificate shows a business’s contribution to the Abu Dhabi economy and allows it to compete with other firms. This helps local businesses obtain a competitive edge during the tender process and increases employment opportunities for Emirati nationals. A contractor who has an ICV certificate has access to many business opportunities. The ICV is most important during the evaluation process of contracts. It will also give a business an edge over competitors.

It is an indicator of a company’s contribution to the economy:

The ICV is a key indicator of a company’s contribution to the economy. In Abu Dhabi, an ICV certificate signifies that the business meets certain criteria for in-country value. This means that a certified contractor will be more competitive in the bidding process than uncertified companies. ICVs are a key factor in winning international contracts and will help increase UAE GDP.

ICV is the preferred certification for international and UAE contractors. The ICV program is an important component of the GDP diversification process in the UAE. By meeting certain requirements, suppliers are eligible to receive business from ADNOC. The ICV certificate will give a contractor an edge over competitors in a tender process. This certificate is also essential for the business to be competitive. But it isn’t just about the certification.