ICV (In-Country Value)
Definition
In-country value is a measure of the economic benefit retained within a country from commercial activities, calculated as the portion of spending that goes to local goods, services, labour, and investment rather than being remitted abroad through imports or expatriate remittances.
Context
Oman’s ICV programme requires companies bidding for government contracts to demonstrate a minimum level of local economic contribution. The programme incentivises local procurement, employment of Omani nationals, and investment in domestic supply chains.
Example
An oil field services company bidding for a Petroleum Development Oman contract must submit an ICV certificate showing that a specified percentage of its total expenditure flows to Omani workers, local suppliers, and domestic investment.