How can a company improve its ICV Score?

A firm should lay up a plan to raise its ICV score after obtaining the ICV (In-Country Value) certificate. In the UAE, a company’s contribution to the local economy is measured by its ICV score; a higher score indicates a more significant contribution to economic growth. The score may be improved by a number of elements, even if there are no particular criteria that categorize it as excellent or terrible.

A more thorough analysis and a tactical method for raising the ICV score will be provided in this article. Businesses may improve their score and achieve ICV certification with the help of ICV consultants in the United Arab Emirates.

What are the Factors that Boost ICV Scores?

Two separate areas of factors influence a firm’s ICV (In-Country Value) score, and each is important in determining how the company contributes to the local economy in the United Arab Emirates: Contribution to the economy and emiratization of workforce and talent development. These categories help you understand companies may actively contribute to the region’s sustainability and economic growth.

1. Contribution to the Economy

Manufacturing goods domestically

One of the main factors influencing a better ICV score is the local manufacturing of goods. Companies with industrial licenses that produce items in the UAE not only contribute to economic growth but also provide a large number of job opportunities. A company’s influence on the local economy is bigger when it produces more things locally, which raises its ICV score.

Spending by third parties

The ICV score of businesses without an industrial license is directly correlated with their third-party expenditure in the United Arab Emirates. These businesses actively support the local economy by spending money on goods and services that are produced locally. This assistance for local vendors and businesses has a direct and beneficial effect on the ICV score, highlighting their economic contribution through procurement. A company’s ICV score goes up the more it spends with local businesses. This shows how committed the company is to the program’s goals.

Investing

More than just a financial pledge, investments in infrastructure, property, plant, equipment, and other assets are investments in a better ICV number. Businesses that set aside funds for regional initiatives support the development of new jobs and better infrastructure. These inputs lead to more business activity and economic growth, which directly affects the ICV number.

Local procurement

It is important for the ICV program to support local sourcing, which means buying goods and services from UAE-based sellers and providers. When businesses actively support local buying, they show a strong dedication to strengthening and growing the local business environment. This includes, if possible, obtaining components, raw materials, or services locally.

2. Emiratization of Workforce and Talent Development

This important step is completely in line with the main goal of all ICV-related projects: to show that a company is fully committed to supporting the growth and survival of the local economy. Businesses may effectively actualize this goal by using a diversified approach that goes beyond recruiting.

• Proactively employing local Emirati graduates to support their employment and the expansion of the local labor force.
• Putting money into strong training programs to support Emirati talent’s professional growth.
• Supporting the advancement of Emirati workers by continuous coaching and mentoring.

Expatriate Input: Expatriate workers are very useful in many fields because they bring important technical skills, cultural variety, and a global perspective to the workplace. Their active participation in the workforce greatly improves the organization’s ability to develop talent, which raises the company’s ICV (In-Country Value) score.

By building a skilled and diverse staff that includes both Emirati and expatriate workers, the company shows its unwavering dedication to developing talent and growing the economy, which improves its ICV ranking.

Other Important Factors

Additionally, incentives are given to businesses depending on the following:

• Revenue Diversification: Bringing in money from foreign markets shows that you are financially strong, which lets you put more money into local projects and talent development, which raises your ICV score.
• Emirati Employment Expansion: Focusing on the continuing growth of the Emirati workforce shows a strong dedication to creating jobs in the area and improving people’s skills all the time, which leads to a higher ICV score.
• Long-Term Investments: Businesses must make consistent local investments in order to improve their score and reaffirm their contribution to the growth of the local economy.

Use the professional services of leading ICV consultants in the United Arab Emirates.

In conclusion, a company’s local economic contribution is evaluated by the ICV certificate in the United Arab Emirates; a higher score denotes a more significant influence. Businesses can improve their score and achieve ICV certification with the help of ICV consultants in the United Arab Emirates.