Cabinet approves of MoU between ICAI and Qatar Financial Centre Authority to strengthen entrepreneurship

The Union Cabinet on Wednesday approved the signing of a pact between the Institute of Chartered Accountants of India (ICAI) and the Qatar Financial Centre Authority (QFCA).

The Memorandum of Understanding (MoU) would enhance cooperation between the institutes to work together to strengthen the accounting profession and entrepreneurship base in Qatar, according to an official release. The Cabinet, chaired by Prime Minister Narendra Modi, approved the signing of the MoU.

The MoU would provide an additional impetus to prospects of the ICAI members in the entire Middle East "to have better recognition, together with working to support Indian businesses desirous of doing business in Qatar", the release said. The ICAI has more than 6,000 members in the Middle East.

As per the release, the MoU will endeavour to increase opportunities for ICAI members to provide professional services in Qatar in the areas of assurance and auditing, advisory, taxation, financial services and allied areas. "The ICAI shall also nurture and develop local Qatar professionals, entrepreneurs and students through a specialised training programme, in collaboration with QFCA," it added.

The ICAI's chapter in Doha, Qatar, was established in 1981 and is the oldest among the institute's 36 overseas chapters. Currently, it has more than 300 members.