MoIAT Signs MoU With Abu Dhabi's DED And ADNOC To Support National ICV Program And Promote Local Products

(UrduPoint / Pakistan Point News / WAM - 19th Nov, 2021) ABU DHABI,19th November 2021 (WAM) – The Ministry of Industry and Advanced Technology (MoIAT), Abu Dhabi's Department of Economic Development (ADDED) and the Abu Dhabi National Oil Company (ADNOC) have signed a memorandum of understanding (MoU) to enhance Federal and local cooperation in support of the National In-Country Value (ICV) program, which is supervised by MoIAT.

In the presence of Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, the MoU was signed during ADIPEC 2021 by Omar Suwaina Al Suwaidi, Undersecretary at MoIAT, Rashed Abdulkarim Al Balooshi, Undersecretary at ADDED, and Abdulmunim Saif Al Kindy, Executive Director of People, Technology & Corporate Support at ADNOC.

The MoU supports efforts to stimulate entrepreneurship in priority sectors and future industries enhanced by advanced technology and 4IR solutions, which will boost operational efficiency and the competitiveness of UAE-made products in regional and global markets.

Omar Suwaina Al Suwaidi said that federal and local government collaboration in implementing the National In-Country Value program is key to achieve its desired goal of supporting and empowering UAE industry. The National ICV program offers several competitive advantages, including increased demand for local products and services, financial support, and opportunities for partnerships with foreign companies seeking to benefit from a joint supply chain.

He added that Ministry of Industry and Advanced Technology and Abu Dhabi’s Department of Economic Development will work on proposing and preparing policies, strategies and legislation to promote Emirati products, local industrial output and in-country value, in line with the objectives of the National Strategy for Industry and Advanced Technology, Operation 300bn.

The Make it in the Emirates initiative adopted by the ministry will also contribute to attracting manufacturers and innovators from across the world to the UAE and enhance the global competitiveness of locally manufactured products in global markets. The National In-Country Value program, one of the key initiatives of the National Strategy for Industry and Advanced Technology, seeks to redirect more than 42% of public-sector and select private-sector procurement and service expenses towards local suppliers by 2025, helping not just their development but elevating the industrial sector as a whole.

For his part, Rashed Abdul Kareem Al Blooshi underlined that the agreement supports the objectives of the Abu Dhabi Local Content Program, which encourages companies and factories that participate in government tenders to increase their economic contribution to Abu Dhabi within three main pillars: procurement, investment and salaries (including salaries of citizens, and a percentage of residents’ salaries spent inside the country). These pillars are designed to enhance suppliers’ contribution to national GDP, increase Emiratization, and accelerate the development of a knowledge- and technology-based economy.

Under the agreement, the National ICV program standards and criteria will be applied to all types of procurements and contracts for goods and services in government procurements within Abu Dhabi.

Both sides agreed to form a joint working committee with the aim of evaluating and discussing the requirements for implementing the program and providing the necessary technical support for companies seeking to achieve National ICV certification.

Commenting on the MoU, Abdulmunim Saif Al Kindy, ADNOC People, Technology & Corporate Support Executive Director, said: "ADNOC is proud of its role in the development of the local ICV program in 2018, which was launched with the aim of boosting our contribution to economic diversification, localizing strategic supply chains, and increasing the private sector’s contribution to our socio-economic development. It has yielded significant results over the past three years, most notably being expanded to the federal level as part of the leadership’s Projects of the 50. Along with our partners in the program, we successfully redirected billions of to the local economy and created thousands of private-sector job opportunities for Emiratis."

Al Kindy added: "This MoU highlights ADNOC’s capability of redirecting the majority of its expenditure to the local market in the years to come. There will be a greater focus on the quality and safety of supply chains, which supports our corporate objectives in reducing carbon production and achieving economic sustainability. These objectives can be achieved through supporting industrial companies, especially small- and medium-sized enterprises, through a guaranteed demand of products and services that will in itself result in a wave of growth for the local industrial sector."