Muscat, Oman – The In-Country Value (ICV) initiative continues to play a pivotal role in driving economic diversification and sustainability in Oman. Launched to maximize the benefits of investments within the country, ICV focuses on enhancing local capabilities, increasing job opportunities, and fostering the development of local industries.
What is In-Country Value (ICV)?
ICV is a strategic approach aimed at ensuring that a significant portion of investments contributes to the local economy. By prioritizing local sourcing, workforce development, and supplier engagement, the initiative seeks to create lasting economic benefits for the Sultanate.
Key Objectives of the ICV Initiative:
- Economic Diversification: Encouraging investments in various sectors to reduce reliance on oil and gas revenues.
- Job Creation: Fostering skill development and providing employment opportunities for Omanis, ensuring that the local workforce is equipped for the future.
- Support for Local Businesses: Enhancing the competitiveness of Omani companies through partnerships and procurement opportunities with larger enterprises.
Recent Developments
In recent months, several companies across different sectors have reported significant progress in their ICV initiatives, showcasing successful collaborations with local suppliers and training programs aimed at upskilling Omani talent.