New Delhi [India], May 12 (ANI): The Union Cabinet, chaired by the Prime Minister Narendra Modi approved the signing of the Memorandum of Understanding (MoU) between Institute of Chartered Accountants of India (ICAI) and Qatar Financial Centre Authority (QFCA) on Wednesday.

The MoU would enhance cooperation between the Institutes to work together to strengthen the accounting profession and entrepreneurship base in Qatar, read an official press release.

ICAI has a strong membership base of over 6000 members in the Middle East and Qatar (Doha) Chapter is amongst the most vibrant Chapters of ICAI.

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, said the release.

This MoU will benefit the Ministry of Corporate Affairs, Institute of Chartered Accountants of India and Qatar Financial Centre Authority.

MoU will endeavour to increase opportunities for members of ICAI to provide professional services through setting up practice for providing professional services in the State of Qatar in the areas of assurance and auditing, advisory, taxation, financial services and allied areas, said the release.

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 as the case may be mutually agreed upon.

ICAI and QFCA shall 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, added the release. (ANI)