ICAI and QFCA will work together to explore the opportunities for Indian businesses in Qatar

A Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and Qatar Financial Centre Authority (QFCA) to strengthen the accounting profession and entrepreneurship base in Qatar has been approved by the Union Cabinet.

The MoU between the two entities was approved by the Union Cabinet meeting chaired by Prime Minister Narendra Modi on Wednesday.

According to an official statement issued after the Union Cabinet meeting, the MoU will seek to increase opportunities for members of ICAI to provide professional services in Qatar through setting up practice for providing professional services in the areas of assurance and auditing, advisory, taxation, financial services and allied areas.

ICAI shall also nurture and develop local Qatar professionals, entrepreneurs and students through a specialized training programme, in collaboration with QFCA.

"ICAI and QFCA will work together to explore the opportunities for Indian businesses in Qatar by organizing roundtables, networking events,.etc as the case may be mutually agreed," the statement noted.

ICAI and QFCA shall also collaborate on opportunities that may arise in the fields of corporate governance, technical research and advice, quality assurance, forensic accounting, issues for small and medium sized practices (SMPs), Islamic Finance, Continuing Professional Development (CPD) and other subjects of mutual interest.

ICAI has a strong membership base of over 6,000 members in the Middle East and the Qatar (Doha) Chapter is amongst its most vibrant. ICAI members hold key positions in various private and public companies and are actively involved in support and development of the accounting profession in Qatar.

"The signing of this MoU would provide an additional impetus to prospects of the ICAI Members in the entire Middle Eastern Region to have better recognition, together with working to support Indian businesses desirous of doing business in Qatar and thus supporting the growth of Qatar and India's economies," the official statement pointed out.

The Institute of Chartered Accountants of India (ICAI) is a statutory body to regulate the profession of Chartered Accountancy in India.

The Qatar Financial Centre Authority (QFCA) is an independent legal entity and is responsible for the development and promotion of the QFC as a world-class on-shore financial and business centre in the State of Qatar.