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Oman Business News

Cross-sector ICV Steering Committee holds key meeting

The Steering Committee for Cross-Sector In-Country Value (ICV) held a meeting under the chairmanship of Ahmed bin Hassan al Dheeb, Under-Secretary of the Ministry of Commerce and Industry. The meeting also saw the participation of the Ministry of Tourism, Ministry of Health, Madayn, and Petroleum Development Oman (PDO). Following the Steering Committee meeting, Ahmed bin Hassan al Dheeb, Under-Secretary of the Ministry of Commerce and Industry, highlighted “We would like to acknowledge the support and involvement of all stakeholders, especially Petroleum Development Oman (PDO). The first phase of the cross-sector ICV study for health and utility sectors was finalised according to schedule.

“Going forward we are reviewing the governance and implementation model of the cross-sector ICV. The review process is inclusive as we take into account the feedback provided by our stakeholders. The final outputs of the governance and implementation roadmap will be put forward to the Manufacturing Steering Committee. It would require strategic alignment across stakeholders and efforts at all levels to realise the ICV opportunities and continue to push the boundaries in ICV delivery.” Under the reign of His Majesty the Sultan, the Sultanate has made a concerted effort to support economic development that explicitly promotes ICV, which it defines as expenditures retained in-country to benefit business development, develop human capability and stimulate economic productivity. In the first phase of the study, the technical team to the cross-sector ICV study identified the sector-specific ICV opportunities spanning across human resources, products, and services in the health and utility sectors.

Eng Sami Salim al Sahib, Director General of Industry at the Ministry of Commerce and Industry, emphasised “This is a successful meeting, as two fundamental subjects were discussed in great detail who will work on the opportunities and how the government can facilitate the realisation of those ICV opportunities identified in the phase one study. We need joint efforts from both local and foreign investments to enhance the in-country value-added creation for manufacturing.”

During the Steering Committee meeting, the technical team at the Directorate General of Industry, Ministry of Commerce and Industry presented the governance and implementation model, as well as put forward the action plan for upcoming phases of cross-sector ICV study in cooperation with strategic partner Petroleum Development Oman (PDO). These represent the next stage in the evolution of the Sultanate’s ICV journey.
  • Oman
  • In Country Value
  • Ministry of Commerce and Industry
  • Petroleum Development Oman
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