The full form of ICV is In-Country Value.
Understanding In-Country Value (ICV)
The term "In-Country Value" (ICV) is significant in the context of national economic development and government initiatives aimed at boosting local industries. A prominent example is the National In-Country Value Program in the UAE.
The National ICV Program in the UAE
According to the reference, the National In-Country Value Program is a UAE Government initiative designed to support the Ministry of Industry and Advanced Technology's (MoIAT) goal of improving the productivity and sustainability of the UAE's industrial sector. This program aims to:
- Enhance local manufacturing capabilities.
- Create more job opportunities for UAE nationals.
- Promote technological advancement within the country.
- Diversify the UAE's economy.
By prioritizing companies with higher ICV scores in government tenders and contracts, the program incentivizes businesses to invest in local resources, workforce development, and supply chains.
