ICAI sign MoU with Kuwait auditors and accountant's association

The Institute of Chartered Accountants of India (ICAI) has signed a Memorandum of Understanding (MoU) with the Kuwait Accountants and Auditors Association (KAAA), as per the release issued by the institute.

The ICAI will provide technical training programs to the employees of the Kuwat government, Kuwait nationals and members of the KAAA in partnership with the KAAA under the MoU.

Mr. Prafulla Chhajed, President of the 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" adding that when the MoU was signed, there was need to promote Kuwait-India business partnership.

Mr. Faisal Abdulmohsen Al-Tabikh, Chair, KAAA said that the MoU would help in building strong relationship between the two organisations and aid in establishing areas of cooperation for the benefit of both organisations as well as boost their reputation and global influence.

"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," said a release by the ICAI. The union cabinet approved the MoU between the ICAI and the KAAA on October 23, 2019.

The export of financial services is considered as one of the 12 champion sectors for export promotion by the government.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.