MoIAT updates National ICV Programme’s formula to incorporate Industrial Technology Transformation Index

MoIAT updates National ICV Programme’s formula to incorporate Industrial Technology Transformation Index

ABU DHABI, 20th March, 2023 (WAM) -- The Ministry of Industry and Advanced Technology (MoIAT) announced that companies in the UAE can now boost their National In-Country Value score by integrating advanced technology into their operations following an update to the National ICV Programme’s formula.

The announcement aims to encourage manufacturing companies in the UAE to adopt advanced technologies and 4IR solutions. It also aims to raise the sector’s competitiveness and sustainability in line with the objectives of the National Strategy for Industry and Advanced Technology, Operation 300 billion.

Entities can increase their ICV score by up to 5 percent by participating in the recently launched Industrial Technology Transformation Index (ITTI), which enables them to demonstrate their level of advanced technology adoption and sustainability. This 5 percent Advanced Technology Bonus is added on top of the entity’s overall ICV score.

Manufacturing Cost accounts for 50 percent of the overall score, Investment accounts for 25 percent, Emiratisation accounts for 15 percent, and Expat Contribution accounts for 10 percent. Entities can also receive a separate ICV Bonus, which can add another 5 percent to their overall score.

By achieving a higher ICV score, certified companies can gain a competitive advantage in the procurement process for major