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Ministry of Industry and Advanced Technology, Ministry of Economy reduce ICV certification fee for companies registered in National Program

 

Ministry of Industry and Advanced Technology, Ministry of Economy  reduce ICV certification fee for companies registered in National Program for Small and Medium Enterprises and Projects


Omar Al Suwaidi: ‘The new fees will enable National SMEs to benefit from the ICV program and support growth at a lower cost


Abu Dhabi, UAE. 20 June 2023: The Ministry of Industry and Advanced Technology (MoIAT) in cooperation with the Ministry of Economy (MoE) has reduced the fee for companies registered in National Program for Small and Medium Enterprises (The National Program for SMEs) to obtain a National In-Country Value (ICV) certificate.
The new incentive aims to encourage companies registered in The National Program for SMEs to join the ICV program in line with the objectives of the National Strategy for Industry and Advanced Technology to promote the growth and sustainable development of the national economy. The move supports MoIAT’s efforts to create an attractive business environment for local and international investors as well as support the growth and competitiveness of national industries.


Companies registered with MoE's National Program for SMEs will be able to receive their certification in the National ICV Program for a reduced fee of AED 500. Through joining the National ICV Program, SMEs can enhance their competitiveness in tenders with government and major companies, helping to boost their growth.
The National ICV Program has contributed significantly to the UAE’s economy since it was launched in 2021. Last year, the program redirected AED 53 billion into the economy, a 25 percent increase on 2021. MoIAT welcomed several new entities to the National ICV Program in 2022, bringing the total number of members to 26 federal and local government entities and corporations. Apart from enhancing business growth, the program has also created quality job opportunities for citizens.
His Excellency Omar Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology said: “Under the national industrial strategy, MoIAT is adopting an integrated approach to empowering the industrial sector and enhancing its contribution to GDP. We are implementing various measures and incentives to support the business ecosystem, promote the Make it in the Emirates initiative, create an attractive environment for entrepreneurs, and open new global markets for local products.
“MoIAT shares a common vision with MoE to enhance strategic sectors. We will work together to create growth opportunities for companies registered with the National Program for SMEs by supporting them with ICV certification in cooperation with certifying bodies.”
HE continued: “The National ICV Program is one of the Projects of the 50 and is designed to support supply chain localization, develop new industries, help diversify the national economy, and create quality job opportunities in the private sector. Over the past two years, the program has achieved tremendous milestones through the increasing integration between MoIAT and federal and local bodies, which has helped to stimulate entrepreneurship and innovation, especially among startups and SMEs.


“SMEs in the UAE have access to many incentives, including competitive financing solutions through MoIAT's strategic partners, including the Emirates Development Bank and a number of other banks and financing institutions in the country.”
He added: “MoIAT also provides support to SMEs in the form of specialized technical development and training via leading businesses. Under the Future Industries Lab, a transformative project launched by MoIAT in partnership with the private sector, SMEs can access training in areas such as quality, supply chains, marketing and expansion into global markets. We also empower companies through the Technology Transformation Program, the Industrial Technology Transformation Index, as well as through flexible legislative frameworks and quality infrastructure.”
His Excellency Abdullah Al Saleh, Undersecretary of the Ministry of Economy, said: “The ministry has launched innovative initiatives to support Emirati entrepreneurs, enabling them to grow their businesses. Small and medium-sized businesses are critical to building a knowledge-based economy in the UAE in line with Principles of the 50 and UAE Centennial 2071 Plan targets.”


His Excellency added: “The National SME Program aims to empower entrepreneurs and small business owners by providing them with support through financing, marketing, and exposure as well as training and development.”
HE emphasized the ministry’s continuous support for Emirati entrepreneurs by forming partnerships with leading institutions in the government and private sectors, in addition to strengthening regional and international cooperation with its partners to drive sustainable growth and promote the contribution of SMEs to GDP.
The National ICV Program redirects spending into the UAE economy. It enhances the competitiveness of UAE products in regional and international markets, attracts foreign investments, supports 4IR innovations and incentivizes the technological transformation of the industrial sector.
The National Program for SMEs was established by the Ministry of Economy under Federal Law No. 2 of 2014. It aims to support UAE-based entrepreneurs to grow and sustain their businesses.

 


Posted by : DubaiPRNetwork.com Editorial Team
Viewed 25059 times
PR Category : Technology
Posted on : Tuesday, June 20, 2023  3:11:00 PM UAE local time (GMT+4)
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