The Union Cabinet on Wednesday approved a proposed agreement between the Institute of Chartered Accountants of India (ICAI) and the Institute of Certified Public Accountants of Kenya (ICPAK) to boost mutual co-operation in related fields.
The memorandum of understanding (MoU) between the two institutes aims to collaborate in knowledge sharing through joint research, quality support, capability and capacity building, trainee accountant exchange programmes, and conducting Continuous Professional Development (CPD) courses, workshops and conferences.
"ICAI and ICPAK will provide opportunities to key members of the reciprocal body's staff to learn from their knowledge and experience through informal work placements to be agreed through a work schedule," the Ministry of Corporate Affairs said in a statement.
The MoU will jointly promote activities to raise awareness and the overall visibility of the strategic partnership and the collaboration outlined in the agreement with members. Both will collaborate on benchmarking initiatives and trainee accountant exchange programmes, it added.
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The Ministry said India is Kenya's sixth-largest trading partner and the largest exporter to Kenya. The Kenyan economy is expected to be among the top performers in Africa in 2017 in terms of growth in the Gross Domestic Product (GDP).
Kenya has a largely diversified economic base and aims to seek increased access to the Indian market for Kenyan goods, while India is interested in exploring ways to become Kenya's top foreign trading partner, the statement said.
"India's chartered accountants have already been playing a significant role in the economic growth of the country; there is a lot of scope for professional opportunities for Indian chartered accountants in Kenya," it said.
--IANS
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