Indian CAs contribute to 49 Billion USD Indo-UAE Bilateral Trade: ICAI Dubai Chapter outlines Sustainable Technology driven Growth Roadmap for 2023-24

The Dubai Chapter of the Institute of Chartered Accountants of India (ICAI) has highlighted the role of the Indian Chartered Accountants (CAs) in the 49 Billion US Dollar Indo-UAE bilateral trade in the previous year, while outlining the growth roadmap for 2023-2024 driven by sustainable technology through innovation.

Indian Chartered Accountants are playing a crucial role in driving the economic growth of the UAE. Over 8,000 Indian Chartered Accountants are currently managing the financial affairs of large businesses in the country, as stated by senior government officials at a significant conference organized by the Dubai Chapter of the Institute of Chartered Accountants of India (ICAI).

The conference marked the completion of 40 years of ICAI's presence in the UAE. With 3,100 members in the ICAI Dubai Chapter overseeing 1,550 major businesses in Dubai, these accountants are making substantial contributions to the economy. Dr Thani bin Ahmed Al Zeyoudi, the UAE Minister of State for Foreign Trade, acknowledged their role in strengthening bilateral trade with India, which exceeded US$49 billion in the previous year.

The signing of the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE is expected to further boost two-way trade and investment, with Indian Chartered Accountants playing a significant part in expanding bilateral economic relations.

Globally, there are 15 institutes of Chartered Accountants with a combined membership of over 1.8 million professionals and students across 190 countries. The ICAI, with approximately 351,000 qualified chartered accountants based in India and abroad, along with 200,000 Article Assistants and around 750,000 enrolled students, holds a prominent position in the accounting profession. With 45 chapters and 33 representative offices across 47 countries, including Dubai and Singapore, the ICAI has established a strong global presence.

Within the UAE's private sector, there are currently 8,000 active Indian Chartered Accountants, with 1,400 serving as Chief Financial Officers. The Indian Ambassador to the UAE, Sunjay Sudhir, emphasized the significance of these professionals, highlighting India's recent rise as the world's fifth-largest economy, surpassing its former colonial ruler, the United Kingdom.

He commended the accomplishments of modern India, including its democracy, judiciary, digital advancements, and startup ecosystem. Despite the challenges posed by the COVID-19 pandemic, India has remained a supportive and connected force globally. The India Ambassador also emphasized India's commitment to sustainable development, achieving the target of sourcing 40 percent of energy from non-fossil fuel sources ahead of schedule.

The Dubai Chapter of the ICAI, which is the largest overseas chapter with 3,100 members representing 1,550 businesses, has outlined an ambitious growth roadmap for 2023-24, focusing on Sustainable Technology through Innovation. The chapter plans to organize more than 40 events, including conferences on Sustainability, Cryptocurrency and Blockchain, Real Estate, and Insurance.

These initiatives align with the UAE's theme of sustainability for 2023, as declared by His Highness Sheikh Mohammed Bin Zayed Al Nahyan, President of the UAE. The ICAI Dubai Chapter aims to contribute to a sustainable and technologically advanced future.

The newly-elected Chairman of the ICAI Dubai Chapter, CA Harikishan Rankawat, expressed optimism about the chapter's future and emphasized the importance of collaboration for long-term success. He announced the upcoming events and unveiled the new logo for Sustech through Innovation.

The ICAI Dubai Chapter has a significant presence and actively engages its members through various initiatives. For instance, the chapter organized a large conference titled "Bridging the Gap - Health and Wealth," which attracted more than 1,500 professionals, business leaders, dignitaries, and high officials. The event featured notable speakers such as Dr Kamlesh D Patel, Founder of Heartfulness, and Bollywood star-turned philanthropist Vivek Oberoi, who acknowledged the instrumental role of chartered accountants in business success.

As the largest and most active overseas chapter of ICAI, the Dubai Chapter has achieved remarkable growth in membership and represents a wide range of multinational and other companies. The chapter aims to foster sustainability, innovation, and technological advancements in the accounting profession, aligning with the UAE's vision for the future.

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