When it comes to the world of business, the UAE holds a significant position all around the globe.
Highly advanced infrastructure and innovative steps taken by the UAE government played a crucial role in establishing a business-friendly setting. Implementation of the ICV certification program is an initial step to achieving the goal of accelerating the rate of GDP and strengthening the products of local industries. If any business owner is looking forward to relishing the privileges of the ICV program, he has to acquire an ICV certificate. It’s not a compulsion to own an ICV certificate. However, it is an incredible horizon for you to bid and hunt for bright openings.
Why is ICV certification mandatory for businesses in UAE?
Every country’s biggest aim is to enhance their local industry to such an extent that they can minimize their reliance on imports. Launching an In-country value program in the UAE is the most significant step toward accomplishing that goal. There are a lot of benefits associated with it, but here we will highlight an important one to discover the importance behind its implementation in UAE.
- It provides a brilliant opportunity for suppliers to increase the demand for regional goods and services besides a direct involvement with the government by signing a contract with them.
- It’s helpful to startups and medium-level businesses to grow in the market.
- The central motive of ICV encompasses promoting local industries, launching local products, and creating job opportunities solely based on skill and talent. Getting an ICV certificate in UAE becomes a significant edge in this regard as it builds your confidence to secure the tender of governmental bodies.
- It also promotes Coalitions with foreign businesses to build a competitive environment supporting a joint supply series.
- One of the exciting factors of having an ICV certificate is a contractual edge with federal regimes and partner corporations.
What aims does the ICV certification program pursue?
There were three main goals when the UAE launched the Standardized ICV program a few years back. These were (and still are) centered on increasing the number of work opportunities available to Emiratis, broadening the UAE’s GDP growth (GDP), and guaranteeing the localization of product line connections are tactically important.
The UAE anticipates significant financial prosperity from leveraging regional businesses, expanding Emiratization in the private sector, bolstering supply networks, and exchanging ideas with local companies. The economic objectives of deploying the unified ICV certification scheme align with these objectives.
By providing a uniform ICV program, the ICV certification is condensed into a single certificate that can subsequently be used by any prime or supplementary vendor who chooses to participate in the acquisition procedures of the partnering businesses.
How has the ICV certification program been influencing the UAE economy?
If We look at the broader spectrum, we can easily visualize the impacts of ICV programs on the UAE economy. At the time of COVID-19, many countries suffered from economic setbacks. However, the evolution of ICV programs helped the UAE economy to restore its financial stability during that difficult period. Regarding the facts and figures, the ICV program helped in addition 44 billion Dirham UAE economy is indeed a considerable achievement. Similarly, the private sector is making remarkable achievements in creating job opportunities, with more than 1500 jobs.
How does ICV certification give you an edge over others?
Acquiring an ICV certificate in UAE is advantageous for businesses since it allows them to exercise the 1st refusal right during the bid phase.
You can still participate in ADNOC contracts and purchase orders without an ICV certificate. In contrast to other businesses with an ICV score, your ICV score will be estimated as 0 in the tender assessment, which will significantly handicap you. Consequently, earning your ICV certificate is in your finest interest.
In summation, the ICV program has pursued its goals and improved its strategies every day. They are planning to streamline the procedure of ICV certification to ensure the active contribution of businesses. You can observe a significant increase in entities who joined the program and actively contributed to expediting the chart of the program. Thus, we can say UAE is well competing for worldwide business standards with its inventive steps. The upcoming era will be more luminous regarding the nourishment of local industries.
Get the Best Assistance Today
If you are willing to obtain an ICV certificate for your business, you can seek assistance from legal certifiers in the UAE. Our most trusted certification services and service providers are highly qualified. So, without further delay, get your certificate today with the help of certifiers.