In the competitive business environment, achieving a higher In Country Value (ICV) score is crucial for companies to secure lucrative contracts and partnerships. In this video, we'll discuss the importance of strategic planning to attain a higher ICV score. Let's dive in!

In Country Value (ICV) is a program designed to measure the contribution of a business to a country's economy. A higher ICV score indicates that the company adds more value to the local economy by creating jobs, investing in local resources, and promoting local development.

A higher ICV score can benefit your business in various ways:

• Improved access to government and private sector contracts.
• Enhanced reputation and credibility in the market.
• Increased competitiveness among local and international companies.
• Contribution to the country's long-term economic growth and development.

To achieve a higher ICV score, concentrate on the following essential aspects:

• Local workforce development: Prioritize investment in training programs and skill development for local employees.
• Local sourcing and procurement: Opt for local suppliers, manufacturers, and resources with competitive ICV scores whenever feasible.
• Increasing investments within the UAE: Increase investments in terms of fixed assets within the UAE to support local economic growth.
• Exporting goods and services: Focus on increasing exports of UAE-produced goods and services to enhance the country's global trade presence and showcase local capabilities.
• Comprehending ICV guidelines: Gain a thorough understanding of ICV guidelines and requirements to ensure alignment with company policies, enabling the maximization of ICV scores.

Implement these strategies through a comprehensive strategic plan:

• Set clear objectives: Define your ICV goals and the necessary steps to achieve them.
• Conduct a thorough analysis: Assess your current ICV performance and identify areas for improvement.
• Develop a detailed action plan: Outline specific actions to improve your ICV score, including timelines and resources required.
• Monitor and evaluate progress: Regularly review your progress and adjust your plan as needed to ensure continuous improvement.

To maximize your ICV success, engage with key stakeholders, including:

• Employees: Communicate the importance of ICV and involve them in the strategic planning process.
• Local suppliers and partners: Build strong relationships and collaborate to enhance local value creation through ICV certified suppliers.
• Government entities and regulators: Understand their requirements and expectations to align your ICV initiatives accordingly.
• Collaborate with ICV specialists: Seek the guidance of experienced ICV professionals to leverage their expertise and consistently enhance your ICV performance.

By focusing on strategic planning and engaging with stakeholders, your business can attain higher In Country Value scores, improve competitiveness, and contribute to the country's economic growth.