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Indian Chartered Accountants play an important role in the UAE’s growing economy as there are now more than 8,000 Indian Chartered Accountants managing the financial affairs of major corporations, according to senior government officials. They were speaking at a major conference titled ‘Bridging the Gap: Health and Wealth’, organized by the Dubai Chapter of the Institute of Chartered Accountants of India (ICAI), which has been established in the UAE for 40 years.
“The more than 3,100 members of the ICAI Dubai Chapter manage 1,550 major businesses in Dubai and contribute significantly to our economic growth,” said Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, at the large conference. Business leaders, accounting professionals and government officials.
“Chartered accountants, especially Chartered Accountants of India, have become some of the most successful business leaders in the UAE, contributing to the growth of our bilateral trade with India, which exceeded $49 billion last year.
expand relationship
“With the signing of the first Comprehensive Economic Partnership Agreement (CEPA) with India, bilateral trade and investment will grow further, and I believe the Indian business community and chartered accountants will play an important role in expanding bilateral economic relations”
The Global Association of Chartered Accountants is made up of 15 bodies with more than 1.8 million chartered accountants and students in 190 countries.
ICAI has around 3,51,000 qualified Chartered Accountants and 2,00,000 Articles Assistants in India and abroad. In addition, approximately 750,000 students are currently enrolled in Chartered Accountancy courses offered by ICAI.
Currently, ICAI has 45 chapters in 47 countries and 33 representative offices in 77 cities around the world. It has overseas offices in Dubai and Singapore. According to Sunjay Sudhir, India’s ambassador to the UAE, of the 8,000 Indian chartered accountants active in the UAE’s private sector, 1,400 are currently CFOs leading companies.
india overtakes britain
India has recently overtaken the UK to become the world’s fifth largest economy, he said. Explaining the new India, Sudhir said, “The 8,000 Indian CPAs form the backbone of the UAE economy and are Indian; I am proud of that. 75 years ago, India got rid of colonialism. Modern India is about democracy, justice, Digital India, Entrepreneurial India.Even in the age of Covid, India has helped and connected the world.
“While more than 4 billion people in the world do not have a digital identity, all Indians – over 1.4 billion Indians now have a digital identity. This is the New India. The future is sustainable and we are currently working towards it, “He said.
“We are accelerating our efforts to build a clean and green society. Climate change and global warming cannot be tackled by governments alone, individual contributions are needed. We have achieved our goal of sourcing 40% of our energy from non-fossil fuels, ahead of schedule 9 years.”
The Dubai Chapter of the Institute of Chartered Accountants in India (ICAI), which has become ICAI’s largest overseas chapter with 3,100 members representing 1,550 businesses, has laid out an ambitious growth roadmap for 2023-24, which aims to achieve Sustainable technology at heart.
new roadmap
Announcing the new roadmap, Lambi Hills, CA, Harikishan Rankawat, the new chairman of Dubai’s new executive committee, said his organization has already had some impactful activities along the theme of the 2019 Sustainability Year, which is seen throughout the The process is being observed in the UAE in 2023.
“If you want to go fast, go alone. But if you want to go far, go together. We have come a long way since the establishment of ICAI Dubai Chapter in 1982. In 40 years, we have become ICAI’s largest overseas chapters and we will grow together,” CA Harikishan Rankawat told members.
“As you all know, His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, has announced that the theme for 2023 is ‘Sustainable Development’, so I have also decided to use the same theme ‘Sustech through Innovation’ , which means deploying sustainable technologies by innovating new ideas. Throughout the year, we will focus on sustainability, technology and innovation.
“Today, we announced a new roadmap for the year ahead. ICAI will organize more than 40 events, including four conferences, including one on sustainability. The theme of the second international conference is cryptocurrencies and blockchain Chain, the theme of the third international conference is real estate, and the theme of the fourth international conference is insurance.
international convention
“This will be followed by the International Convention in November, when the UAE will host the COP28 Global Summit. This month, we will be organizing four events, including the distribution of Ramadan meals – in line with the UAE Government’s 1 Billion Meals initiative.
He also unveiled the new logo of Southern University of Science and Technology through innovation.
“True wealth is not just material wealth, but physical health, inner peace and spiritual growth,” he said, referring to a quote from the Heartfulness Foundation.
CA Jai Prakash Agarwal, ICAI Dubai Chapter Secretary, said: “Sustainable technology through innovative ideas is the way of the future. To ensure that a beautiful world with all the necessary resources is handed over to our next generation, we need to innovate and adapt to sustainability. Otherwise our actions will be questioned by our next generation. Therefore, Sustech through innovation is the only way forward and as ICAI Dubai chapter we align this theme to 2023-24.”
meditate to improve concentration
Dr. Kamlesh D Patel, founder of the nonprofit Heartfulness, which focuses on health and wealth, urged listeners to meditate to improve focus and maintain good health.
“A person’s future health depends on the quality of the decisions being made today based on sound moral judgment,” he said. “Don’t create multiple channels, just one, so you can work toward your goals.
“Having too many apps can shorten the battery life of your phone. We also need to reduce our pathways and goals in life so we can focus on creating wealth. Use meditation to improve focus. It will cleanse your mind and help build A better future.”
Bollywood star-turned-philanthropist Vivek Oberoi captivated the audience when he said: “They say behind every man’s success there is a woman. I say behind every successful business there is a chartered accountant.”
“I have two partners in a business – both chartered accountants. They run the business so I don’t have to. If your business has a chartered accountant, there is nothing to worry about. They know how to manage it, especially making sure the business stays profitable .”
unleash potential
He said: “You have both the lock and the key. You can unlock potential and sow the seeds of change.”
Established in 1982, ICAI (Dubai) branch is the largest, most active and award-winning branch among the 45 overseas branches of ICAI. Its membership has grown dramatically in recent years and now has more than 3,100 members representing more than 1,550 multinational and other corporations. — trade arab news agency
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