Cypriot and Indian accounting bodies sign landmark deal to boost business ties

The Institute of Certified Public Accountants of Cyprus (Selk) has signed a Memorandum of Understanding (MoU) with the Institute of Chartered Accountants of India (ICAI), in a move aimed at strengthening professional and business ties between Cyprus and India.

The agreement was signed during the recent official visit of President Nikos Christodoulides to India and forms part of Selk’s wider efforts to build stronger international partnerships with major professional bodies.

According to an announcement released this week, the MoU marks an important step in deepening cooperation between the two countries, particularly in the fields of accounting, auditing, professional education and business services.

The memorandum was signed in India by Chrysilios Pelekanos, president of the Cyprus-India Business Association, who had been authorised by Selk president Odysseas Christodoulou to sign on behalf of the association as part of the official Cypriot mission.

The ICAI is the statutory body for chartered accountants in India and is regarded as one of the largest and most influential professional accounting bodies internationally.

As a result, Selk said the agreement creates a broader framework for cooperation in areas of common interest, including the exchange of know-how and best practices, continuing professional training, joint educational and professional initiatives, conferences and institutional actions.

At the same time, the two organisations are expected to work together on strengthening the quality, visibility and international recognition of the accounting and auditing profession.

During the visit, a meeting was also held with India’s High Commissioner, Manish Manish, with Selk saying this confirmed the strong level of relations between Cyprus and India, as well as the prospects for further professional and business cooperation.

The signing of the MoU also fits into Selk’s ongoing strategy to expand its international presence and support Cyprus’ position as a reliable and competitive centre for professional services.