The UAE government as a part of its ambitious “Project of the 50 initiatives, has introduced a groundbreaking program that aims to enhance the nation’s economic resilience and stimulate growth in key sectors. The ambitious Project of the 50 was announced in the year 2021 and aimed at marking UAE’s 50th anniversary and setting the framework for the country’s development over the next five decades. At the heart of this effort is the National In-Country Value Program, which aims to strengthen local businesses and redirect spending towards the UAE economy.
What is the ICV Program?
This is a strategic initiative designed to enhance the contribution of local businesses to the UAE economy. By focusing on local content and promoting the development of indigenous industries, the ICV Program aims to create a sustainable economic environment that benefits both businesses and the community. Below are the key objectives of the program
Below are the key objectives of the program
- Stimulate Economic Growth:
It plays an important role in driving economic growth by supporting local businesses. It ensures spending towards local suppliers and manufacturers which create job opportunities across various sectors. This boosts the employment rate and at the same time provides an environment for economic diversification reducing the UAE’s dependency on oil and gas revenues. - Reduce Reliance on Imports
One of the most important goals of the ICV program is to ensure self-sufficiency within the UAE. It aims to do so by promoting local production and decreasing the nation’s reliance on imported goods and services. This shift not only helps to stabilize the economy in times of global market fluctuations but also empowers local industries to compete on a larger scale. As local production increases, the economy becomes more resilient, which is essential for long-term sustainability. - Develop Local Talent
This is another key focus of the ICV program. The necessary training and skill development opportunities help in creating a skilled workforce that meets the demand of the local market. This investment in local talent ensures that businesses have access to skilled professionals, driving innovation and efficiency within the industry. - Foster Innovation
It encourages innovation by supporting research and development initiatives within local industries. By providing resources and incentives for businesses to innovate, the program aims to stimulate technological advancements and creative solutions. This focus on innovation not only enhances the competitiveness of local businesses but also aligns with the UAE’s vision of becoming a global leader in various sectors, including technology, renewable energy, and manufacturing.
- Strengthen Supply Chains
The success of a company depends on a robust supply chain. The ICV Program seeks to develop strong local supply chains by encouraging businesses to source materials and services from within the UAE. This not only reduces vulnerabilities associated with relying on international suppliers but also enhances the overall efficiency of operations. Strengthened supply chains contribute to cost savings and faster delivery times, ultimately benefiting consumers and businesses alike.
- Stimulate Economic Growth:
The UAE’s National In-Country Value (ICV) Program is a transformative initiative designed to empower local businesses, promote economic resilience, and foster growth across key sectors. As a trusted partner for setting up businesses in the UAE, BLZ supports companies navigating this program, enabling them to benefit from opportunities like reduced reliance on imports, skilled local talent, and strong supply chains. BLZ is dedicated to guiding businesses through licensing, compliance, and strategy, ensuring they maximize their impact and success in the UAE’s thriving economy.