Vijay Mohan, Managing Partner, Evas International talks about the importance of the ICV certification process in the National In-Country Value program
Evas International are a team of auditors, tax and business advisors with over 15 years of experience in the UAE and GCC region. The company caters to a broad spectrum of clientele and offers services ranging from audits, business process reviews, data analysis, CFO services and book-keeping, to compliance, corporate advisory and so on. Furthermore, Evas International is also an FTA approved tax agent and a certifying body for the ‘National In-Country Value Program’.
The ICV Certification process
Talking about ICV certification, Mohan said that the process is quite straight forward, with the preliminary requirement for an entity to have audited financial statements issued in accordance with International Financial Reporting Standards (IFRS). He adds that based on the financial statements, and in adherence to the supplier guidelines issued by the MoIAT, the company must fill in the supplier template. After that, the entity can consult and engage a certifying body to carry out the score evaluation process and issue the certificate. Mohan informed that the certificate will be valid for a period of 14 months from the date of issue of the audit report and can be submitted to all the implementing agencies of the National In-Country Value Program.
Significance of the ICV Certification
Speaking about its significance, Mohan mentions that in March 2021, the UAE launched Operation 300Bn, an ambitious 10-year program, which aims to boost the GDP contribution of the country’s industrial sector from the current Dh133 billion to Dh300 billion by 2031. In order to lead this strategy and roll out initiatives in support of over 13,500 SMEs in the sector, the UAE has established the Ministry of Industry and Advanced Technology (MoIAT). Presently, MoIAT has two critical campaigns under its wing, which are ‘Make it in the Emirates’ and the ‘National ICV Program’. The latter program, since its inception back in 2018, has been focused on three key areas: diversification of the country’s GDP, creating opportunities for talent in the private sector and strengthening critical parts of the supply chain by re-directing procurement to suppliers within the country.
Mohan notes that the program has several participating entities, which are the key implementers. These entities, in the tender evaluation process, give the bidding companies the option to produce their ICV certificate, and the ICV score is given a weightage in the overall evaluation. As a result, more and more businesses over the last couple of years, have been applying for the certification, in order to participate and win contracts from these participating entities. He further adds that these entities also tend to direct their procurement from companies that are ICV certified, since this helps improve their own score.
Aligning with the UAE Energy Strategy 2050
Mohan highlights that the UAE is spearheading the laudable strategy of increasing the contribution of clean energy in the total energy mix and reducing the carbon footprint of power generation to 30 per cent by 2050. This eventually, contributes towards the world’s sustainability measures and goals. He concludes by urging companies applying for ICV certification to have a peripheral vision, understand the program’s essence and contribute to the transformation of UAE’s economy.
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