ICAI signs MoU with KAAA: The Institute of Chartered Accountants of India (ICAI) has signed a historic Memorandum of Understanding (MoU) with the Kuwait Accountants and Auditors Association (KAAA) in Kuwait on November 21, 2019. This MoU has been approved by Union Cabinet of India.
The objective of this MoU is to work together to strengthen the accounting, financial management, auditing knowledge base in Kuwait through knowledge sharing, faculty and student exchange programs.
Under the MoU, ICAI in collaboration with KAAA would offer technical programs and training to the employees of Kuwait Government/Ministries/KAAA members and Kuwait Nationals.
While signing the MoU, ICAI President CA. Prafulla P. Chhajed said “India and Kuwait share a cordial relationship, strengthened and nurtured with historical trade links, cultural affinities and presence of large number of Indian nationals in Kuwait. Considering the role that India’s Chartered Accountants have been playing in the economic growth of the country, there is a lot of scope for professional opportunities in Kuwait and a need to promote Kuwait-India business partnerships.”
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Speaking at the occasion, Mr. Faisal Abdulmohsen Al-Tabikh, Chair, KAAA, expressed “The MoU will help in establishing areas of co-operation and collaboration for the mutual benefit of both KAAA and ICAI members and to enhance the reputation and influence of both institutions within their respective home countries and globally. The MoU will foster strong working relations between the ICAI & KAAA”.
The MoU between ICAI and KAAA got approved on October 23, 2019 by the Union Cabinet Chaired by Shri Narendra Modi, Hon’ble Prime Minister of India. Earlier, Accountancy and Finance Services has been identified as one of the 12 Champion Sectors for export promotion by the Union Government.
ICAI is taking all possible efforts to enter into mutual recognition agreements with maximum foreign accounting Institutes, which is the first step for the promotion of export of accountancy services in the overseas market.
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