MUSCAT: A roundtable discussion on In-Country Value (ICV), organised recently by the National Academy for Training and Development, underscored its critical role in driving national economic growth. ICV plays a key part in fostering sustainable development, creating job opportunities for local talent, and strengthening local supply chains.
Ali al Lawati, Founder of the National Academy for Training and Development, emphasized that ICV initiatives align seamlessly with Oman’s economic objectives, supporting both immediate growth and long-term sustainability. “By incorporating ICV requirements into public and private contracts, Oman has significantly boosted employment opportunities, stimulated local production, and fortified its industrial foundation,” he noted. He added that small and medium enterprises (SMEs) have particularly benefited, discovering new avenues for growth and diversification through ICV-related contracts.
Ghassan Fadhel Bait bin Salim, an ICV and leadership expert, highlighted the tangible successes of ICV initiatives, including the localization of manufacturing in the oil and gas sector. This effort has led to the establishment of over 60 local factories, reduced reliance on imports, and reinforced local supply chains. “With robust government support, these initiatives have become a cornerstone of Oman’s national economy, driving innovation and fostering sustainable development,” he remarked.
Speaking to the Observer, Ghassan added, “As the ICV Trainer and Consultant for this programme, our goal is to prepare professionals with the skills and expertise needed to implement ICV strategies successfully across various industries. By aligning with Oman Vision 2040, the programme aims to foster job creation, support local industries, and promote economic growth. It’s about building capacity and empowering participants to transform ICV policies into actionable strategies that deliver measurable results for Oman’s future.” The discussion, which hosted a group of ICV experts from diverse entities, emphasised that ICV is one of the fundamental pillars of Oman Vision 2040. This vision focuses on enhancing local content, encouraging the use of national products, and developing skills for Omanis. By prioritising local resources over imports, ICV seeks to retain more value within Oman, contributing to the development of a diverse and sustainable economy.
The speakers at the roundtable stressed that the effective implementation of ICV requires highly skilled professionals capable of designing, monitoring, and adapting strategies to empower local content. They highlighted that the success of ICV in Oman relies on building local expertise in ICV fields, supply chain management and economic development.
The roundtable affirmed that ICV is a fundamental driver of national economic growth, increasing employment opportunities for citizens, enhancing the competitiveness of local industries, and reducing reliance on imports. Thus, ICV holds a central role in achieving Oman Vision 2040 and implementing its ambitious economic strategies.
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