Moiat Updates National ICV Program's Formula To Incorporate Industrial Technology Transformation Index - Mid-East.Info


(MENAFN- Mid-East.Info)

MoIAT updates National ICV Program's formula to incorporate Industrial Technology Transformation Index

Abu Dhabi, UAE – 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 Program's formula.

The Ministry of Industry and Advanced Technology (MoIAT) announced the update today to encourage manufacturing companies in the UAE to adopt advanced technologies and 4IR solutions. The move 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, Emiratization accounts for 15 percent, and Expat Contribution accounts for 10 percent. Entities can also receive a separate ICV Bonus, which can add a further 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 companies and government entities. In 2022, the program redirected AED 53 billion into the national economy, a 25 percent increase over 2021, reflecting its effectiveness.

Her Excellency Sarah Al Amiri, Minister of State for Public Education and Advanced Technology, said:“The first of its kind Industrial Technology Transformation Index is a game changing initiative that will supercharge industrial sustainability and 4IR adoption. By incorporating the index into the National ICV formula, we are incentivizing companies in the UAE to assess their capabilities, adopt 4IR solutions, and integrate sustainability best practices. This will ultimately help to enhance productivity, increase sustainability, boost competitiveness, and raise efficiency in line with national efforts to transform industry and achieve net zero carbon emissions by 2050.

“It is a particularly pertinent time to update the National ICV formula as the UAE gets ready to host COP28 this November. We are keen on demonstrating to the international community that we are pioneering sustainable industrial development through technological transformation, innovation, and supply chain localization. We are also aiming to attract investors to the UAE by introducing various incentives that align with flagship initiatives such as the National ICV Program.”

The ITTI was launched under MoIAT's Technology Transformation Program at the World Government Summit. It is a comprehensive framework to measure the digital maturity and sustainability of factories as well as formulate a roadmap for industrial transformation. The index promotes the integration of 4IR applications and sustainability best practices and raises awareness about the benefits of advanced technology.

It complements the National ICV Program, which launched in 2021 as one of the 'Projects of the 50'. The ICV Program aims to boost economic performance and support local industries by redirecting higher portions of public spending into the national economy. The program has become one of the main incentives for supporting economic growth and diversification in the country, making it a critical contributor to the success of the Make it in the Emirates initiative.

The program contributes to supply chain localization and resilience as well as the development of new local industries and services. It attracts foreign investments that support economic diversification and helps to create quality job opportunities for Emiratis in the private sector. The National ICV Program is a key contributor to national GDP growth.

To help companies understand and leverage the updated ICV formula, MoIAT will host a series of workshops and sessions in the coming weeks. Companies can register for the workshops by contacting the ministry's team at .

MoIAT will also raise awareness of the new formula at the Make it in the Emirates Forum, as well as several roadshows. There will also be awareness sessions at ADIPEC in October and COP28 in November.

Manufacturing companies interested in revising their ICV score after completing the ITTI assessment can contact their certifying bodies to revise their score for no additional fees.

About the Ministry of Industry and Advanced Technology:

The Ministry of Industry and Advanced Technology (MoIAT) was established in July 2020 to boost the industrial sector's contribution to the UAE's GDP and drive sustainable industrial development. The ministry was formed by combining the Office of the Minister of State for Advanced Technology, the Emirates Authority for Standardization and Metrology (ESMA), and the industrial department of the Ministry of Energy and Infrastructure.

MoIAT is responsible for formulating policies, laws, and programs that attract foreign direct investment, enhance national added value, support entrepreneurship, create jobs, attract talents, upskill national cadres, promote exports and raise the competitiveness of products manufactured in the UAE. To achieve these objectives, MoIAT has created an advanced national quality infrastructure system.

MoIAT leverages its expertise, capabilities, and resources to strengthen the national industrial ecosystem by facilitating the establishment of industrial zones, promoting the adoption of advanced technologies and the integration of Fourth Industrial Revolution solutions and enabling the growth of priority sectors as well as industries of the future. The ministry's work contributes to national efforts to build a diversified, knowledge-based economy and achieve industrial self-sufficiency.

The ministry is a key driver of the UAE's Net Zero by 2050 strategic initiative and is playing an important role in the country's COP28 agenda.

MENAFN20032023005446012082ID1105822071


Mid-East.Info

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.