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ICAI Abu Dhabi Chapter organises forum on digital economy reshaping global business landscape

ICAI members to participate in the World Congress of Accountants being hosted in Mumbai, India during November 18-21, 2022.

The recent historic agreement signed by both UAE and India (CEPA) will provide more business opportunities and will take the bilateral trade to the next level, said John George, chairman of the Abu Dhabi Chapter of the Institute of Chartered Accountants of India (ICAI).

Speaking at the session on Digital Economy Reshaping Global Business Landscape which was organised by ICAI Abu Dhabi Chapter at Sofitel, Abu Dhabi on Thursday, George said the Chapter acts as a bridge betweeen the government and business communities.

He also expressed the Charter’s plan to organise partnership with Emirati community, support government initiative like Atmanirbhar Bharat and Azadi ka Amrit Mahotsav, organise roadshow and placement drives to facilitate employment opportunities in UAE for Chartered Accountant.

George congratulated the elected committee for the year 2022 and also acknowledged the immense contribution made by all the past chairmen and all the dedicated committee members.

He encouraged ICAI members to participate in the World Congress of Accountants being hosted in Mumbai, India during November 18-21, 2022.

John expressed thanks to the Indian Embassy, Sunjay Sudhir, Ambassador of India and officials for its cooperation to the Chapter.

Speaking on the occasion, Sudhir expressed how India has been on forefront in terms of adoption and a significant contributor in growth story of digital payments. Further addressing the forum, he shared valuable insights on historical CEPA agreement signed between UAE and India and how CEPA and vision document would help strengthen the relationship between two countries. He acknowledged ICAI Abu Dhabi Chapter’s role in supporting the government initiatives and strengthening Indo-UAE business relationship.

In a keynote address, guest of honour Dr Debashis Mitra, President ICAI, spoke on driving factors of digital economy, the influence of technology, its challenges and ways to mitigate the challenges. The importance for CA’s to reskill to adapt to the upcoming challenges in the profession and to sustain and lead the future. He mentions about Independence, excellence and integrity being part of DNA of a CA. Further addressing the chapter, the president shared various initiative where the efforts of ICAI were being appreciated for providing valuable insights to various government stakeholders.

Panel Discussion on Digital Economy and Outlook was moderated by Renyl Rauf, CFO - Bayanat G42. Panelists included Dr Debashis Mitra, Michael Armstrong, Strategic Advisor for the Middle East – ICAEW and Sumeet Tank, chief finance and investment officer, Vigilance Group.

The panel discussed the need for finance professional to continually adapt and extend skills to become dynamically digital in the wake of shifting technological landscape. As the usage of crypto-assets and complex digital payment emerge, the need for accountants and auditors technologically skilled to manage risk.

Ramana Kumar, CEO – Magnati explained the evolution of digital economy and the role of digital payment. The transformation of the digital payments space is moving faster and business can now remain firmly in control of business transactions with the help of new technology. — reporters@khaleejtimes.com