QatarEnergy, one of the world’s leading petroleum companies, has launched enhanced In-Country Value (ICV) program under Tawteen initiative.
This move further aligns with the goals of the State of Qatar to enhance the sustainable development of the local economy. The program is the outcome of successful collaboration and alignment with key stakeholders, mainly the Ministry of Finance and the Ministry of Commerce and Industry, as well as suppliers, energy champions, and industry experts.
The enhanced ICV Program builds on the robust foundation laid by the original ICV program launched in 2019. The enhanced version brings significant improvements, making it more inclusive, adaptable, and beneficial for all participants.
The refined ICV formula is the program’s key update, which is designed to expand the local contribution for all companies. Additionally, a bonus scheme was introduced to empower companies by rewarding for their positive contributions in selected fields, hence, ensuring an accurate reflection of each company’s impact on Qatar’s economy.
The enhanced version also introduces the ICV+ policy, which is set to provide targeted support to local manufacturers. This highlights the program’s focus on developing the capabilities of Qatar’s manufacturing sector, enabling local companies to cater to the surging demands of the industry and contribute to the development of the country’s economy.
Furthermore, the program introduces a Blanket Score policy to empower micro and small enterprises with standardized ICV score that fosters their competitiveness in the market. A simplified certification process is also introduced to reduce the administrative and financial burden for micro and small enterprises who work directly with the energy sector.
These introductions highlight QatarEnergy’s unwavering commitment to fostering an inclusive local supply chain, empowering businesses of all sizes to succeed.
