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Maximizing In-Country Value (ICV) Initiatives for Gulf Cooperation Council's Post-Oil Prosperity

 


In the quest to transition away from fossil fuels, the Gulf Cooperation Council (GCC) countries are forging partnerships between the public and private sectors. At the forefront of this transformation, Efficio, a global leader in In-Country Value (ICV), procurement, and supply chain management, emphasizes the importance of focusing on ICV programs to foster economic and human capital development in a post-oil era. Efficio has dedicated over a decade to establishing comprehensive ICV development initiatives in the region, and the GCC now stands at a pivotal juncture in advancing these programs over the next 12 months.

Initially designed to enhance workforce nationalization, ICV programs have evolved into holistic strategies that encompass multiple facets of development. These programs aim not only to improve diversity and efficiency but also to drive significant social progress. Present-day ICV initiatives encompass a wide range of strategic activities, including attracting local and foreign investments, developing local supplier capabilities, and nurturing a future-proof workforce through rigorous training and internship programs. The GCC countries have historically led the way in comprehending the value of ICV, collaborating closely with Efficio and public sector leaders to establish successful ICV programs.

READ MORE: ICV programmes could offer GCC leverage in a post-oil future

The GCC nations are currently navigating a pivotal phase, seeking to leverage ICV as a catalyst to become global leaders in rapidly evolving industries. Saudi Arabia, for instance, has harnessed ICV to spur economic growth and diversification while simultaneously generating employment opportunities for its citizens and attracting foreign investments and talent. As the GCC regions embark on this transformative journey, the strategic implementation of ICV programs becomes paramount in shaping their future prosperity beyond oil dependency.

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