28 December, 2021
UAE’s In-Country Value Programme Boosted by Tawazun
Tawazun announced that it would join the UAE National In-Country Value Programme, launched by the Ministry of Industry & Advanced Technology, to boost the industrial sector.
The agreement will boost co-operation between Tawazun and the ministry to achieve the objectives of the ICV programme, which aims to increase internal demand for local products and services to Dh55 billion by 2025, from Dh33bn last year.
Tawazun is a state body whose mandate is to drive economic growth and the development of the UAE’s defence and security industries.
“We will work hand in hand to develop and put forward policies, strategies and legislation to promote UAE products and boost local industrial output,” said Omar Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology.
This is in line with the national strategy that aims to enhance the industrial sector’s role in the national economy, said Mr Al Suwaidi.
About the UAE In-Country Value Programme
The UAE’s national ICV programme will be introduced in all federal entities and across 12 national companies by the end of this year. It expects the redirection rate of government spending towards UAE-based companies to surge to 50 per cent by 2031.
The programme is in line with Operation 300bn, the national strategy launched in March to position the UAE as a global industrial centre by 2031.
The 10-year comprehensive strategy aims to increase the industrial sector’s contribution to the country’s gross domestic product to Dh300bn, from the current Dh133bn.
The council has contributed to the establishment of more than 111 companies and investment entities in 12 vital sectors, including about 40 defence and security companies.
To understand how In-Country Value can help in enhancing your company image, do get in touch with our experts
Source : thenationalnews