The Institiute of Chartered Accountants of India (ICAI) has signed a Memorandum fo Understanding (MoU) with the Kuwait Accountants and Auditors Association (KAAA) according to a release issued by the institute on Wednesday.

Under the MoU, the ICAI will offer technical training programs to employees of the Kuwat government, Kuwait nationals and members of the KAAA in collaboration with the KAAA.

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 there was a need to promote Kuwait-India business partnerships when signing the MoU.

Faisal Abdulmohsen Al-Tabikh, Chair, KAAA said that the MoU would forster strong relations between the two organisations and help establish areas of cooperation for the benefit of both organisations as well as enhance 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 MoU between the ICAI and the KAAA was approved by the union cabinet on October 23.

Financial services has been selected as one of the 12 champion sectors for export promotion by the government. #casansaar (Source - ICAI, Economic Times)