QatarEnergy Introduces Enhanced In-Country Value Program. Qatar In a pivotal move towards bolstering local economic growth and ensuring sustainable development, QatarEnergy has announced the launch of its enhanced Tawteen In-Country Value (ICV) program. This upgrade aligns with the country’s broader objectives, spearheaded by the State of Qatar, to drive the sustainable advancement of its economy by maximizing local contributions from industries.
The enhanced ICV Program is the outcome of an integrated and collaborative approach, involving key stakeholders such as the Ministry of Finance, the Ministry of Commerce and Industry, energy champions, suppliers, and industry experts. Building on the foundation laid by the original ICV program launched in 2019, this upgraded version is designed to be more inclusive, adaptive, and beneficial for all involved.
Strategic Collaboration and Evolution of the ICV Program
Since its inception, the Tawteen ICV program has aimed to strengthen Qatar’s local economy by increasing the involvement of local suppliers and manufacturers. The recent enhancements reflect feedback from various stakeholders and incorporate strategic insights from collaborations with key government bodies and industry experts. By doing so, the program ensures that it not only meets the immediate demands of the energy sector but also contributes to the long-term economic stability of Qatar.
Enhanced ICV Formula and Bonus Scheme
One of the most significant improvements in the program is the introduction of a refined ICV formula. This new formula expands the scope of local contributions for participating companies, allowing for a more accurate representation of each company’s economic impact.
The program also introduces a bonus scheme to reward businesses making substantial contributions in key areas, further encouraging companies to actively support Qatar’s economic objectives. This amendment ensures that businesses that invest in local talent, services, and products are recognized and rewarded accordingly.
Introduction of the ICV+ Policy
To strengthen the country’s industrial capabilities, the program introduces the ICV+ policy, which is specifically tailored to support local manufacturers. By offering dedicated resources and incentives, this policy encourages local manufacturers to meet the evolving demands of the energy sector.
It emphasizes innovation and capability-building, ensuring that Qatar’s manufacturing sector can contribute more significantly to the country’s overall economic growth.
Support for Micro and Small Enterprises
Recognizing the crucial role of micro and small enterprises (MSEs) in the economy, the enhanced ICV program introduces the Blanket Score policy. This policy offers standardized ICV scores to MSEs, allowing them to remain competitive in a market often dominated by larger players. Additionally, the certification process for MSEs has been streamlined to reduce administrative and financial burdens, particularly for businesses working directly with Qatar’s energy sector.
This simplification reflects QatarEnergy’s commitment to fostering a more inclusive and supportive local supply chain, where businesses of all sizes can thrive.
Increasing the Number of ICV Certification Bodies
In a bid to further streamline the certification process, the enhanced ICV program aims to increase the number of certification bodies involved. By expanding the number of eligible ICV certification bodies, the program ensures greater efficiency and offers suppliers more options when seeking certification. This will contribute to faster processing times and a more transparent certification process, ultimately benefiting local businesses.
Tangible Progress and Job Creation
Since its launch, the ICV program has made remarkable strides, increasing the local contribution of the energy sector from 14% to 28.5%. Additionally, the program has helped create approximately 7,000 jobs, significantly impacting the local economy. These milestones underscore the program’s effectiveness in meeting Qatar’s economic goals and its potential for future growth as more companies and suppliers align with its objectives.
Upcoming Developments and Stakeholder Engagement
Tawteen is set to provide more detailed information on the ICV enhancements, including upcoming stakeholder awareness sessions and the opening of the ICV certifier application process. These sessions will be critical in helping local businesses understand the benefits of the program and how they can maximize their contributions to the local economy.
Conclusion
The enhanced Tawteen ICV program by QatarEnergy represents a major leap forward in Qatar’s drive to support its local economy, foster innovation, and promote sustainable development. Through strategic collaboration, advanced policies like the ICV+, and support for small businesses, this initiative will play a crucial role in shaping the future of the energy sector and the broader economy of Qatar.