What is Oman’s ICV Monitoring and Reporting System?
In-Country Value (ICV) is defined as the total spending retained in-country that can benefit business development, contribute to human capability development, and stimulate productivity in Oman’s economy. ICV program in Oman aims to develop the skills of Oman’s workforce and increasing in-country spending on local goods and services.
What is the ICV Monitoring and Reporting system in Oman?
ICV M&R system is a system that monitors successfully awarded contractors ICV performance based on the plan and ensuring targets are met. The system is web-based which makes it easy to access for contractors at any point in time and is designed with a unique format to capture all seven ICV elements and the reporting of ICV performance in Oman.
The Seven elements are:-
- Investments in Fixed Assets
- Developing skills of Oman Work Force
- Training of Oman people
- Local Sourcing of Goods
- Local Sourcing of Subcontracted Services
- Development of National Suppliers
- Development of National Training, Education and R&D Institutions
What are the benefits of the M&R System in Oman?
- A single tracking system on ICV data
- An analysis of localisation values on contracts
- A measurement of a supplier’s performance
- A reduction in the time/effort needed to collect ICV data
- A way to minimise data consolidation errors
- Automated workflow & approval.
What is the Contractor’s Responsibilities towards the ICV M&R system in Oman?
- The contractor shall submit detailed activities expanding upon the ICV plan within 21 Days from the Effective Date of the Contract. The detailed ICV plan activities for the contract period shall be submitted at one time for the entire contracting execution period through the ICV M&R System for the company’s review and approved by the Contract Holder.
- Report the actual ICV performance in Oman achieved from the Effective Date of the Contract throughout the Contract period.
- Submit a quarterly report within no more than two weeks after each quarter.
- Responsibility for collecting, processing, and storing information related to ICV received while contractors shall keep all relevant documents for two years after the expiry of the contract.
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