The Institute of Chartered Accountants of India (ICAI) signed the Memorandum of Understanding (MoU) with the Kuwait Accountants and Auditors Association (KAAA) in Kuwait on November 21, 2019.
Signing of the MoU between ICAI & KAAA would facilitate both institutions working together to strengthen the accounting, financial and audit knowledge base in Kuwait. Under the MoU, ICAI would offer technical programs to the employees of Kuwait Government/Ministries/KAAA members and Kuwait Nationals in collaboration with KAAA.
While signing the MoU, CA. Prafulla P. Chhajed, President, ICAI 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."
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".
On October 23, 2019, the Union Cabinet Chaired by Shri Narendra Modi, Hon'ble Prime Minister of India, had approved the MoU between ICAI and KAAA. Earlier, the Union Government has identified the Accountancy and Finance Services as one of the 12 Champion Sectors for export promotion. ICAI is taking all possible efforts to enter into mutual recognition agreements with maximum foreign accounting Institutes, which is the first step for promotion of export of accountancy services in the overseas market.