Sh. Ranjeet Kumar Agarwal, President, ICAI
Sh. Dheeraj Kumar Khandelwal
distinguished guests,
ladies and gentlemen,
Good evening,
My heartiest congratulations to Agarwal ji and other members of ICAI for your initiative to open new Overseas Chapter of ICAI in Zurich.
2. You have now presence in almost 50 countries. ICAI in that sense has a truly global outreach covering all major partner countries of India in financial and economic sectors.
3. Your decision to establish a representative office here is most timely and much needed.
4. Hon CIM Sh Piyush Goyal visited Zurich in July this year. This was his first overseas visit after the general elections in India. His first query to me was whether there is an ICAI chapter here.
5. Obviously this was in the context of the historic Trade and Economic Partnership Agreement India signed with EFTA countries in March earlier this year. The forward looking Free trade Agreement, TEPA as we call it, provides a definite road map and framework for our businesses and industries to find mutually beneficial partnerships, opening up exciting new avenues for collaboration and growth.
6. EFTA grouping is the first among EU countries with which India entered into this agreement. To gain the maximum out of this framework agreement, our two sides need to establish connections amongst all stakeholders and professionals so that necessary awareness is created amongst businesses on both sides about trade rules and regulations, tax structures and financial systems, etc.
7. Clearly, CIM recognized the need for an institutional arrangement of CAs, which could provide professional advice and services to our businesses to understand taxation rules and regulations before venturing into new business opportunities emerging out of TEPA.
8. The platform that is being launched here today will definitely bridge the existing expertise and knowledge gap. Through their financial and accountancy expertise, our Chartered Accountants can facilitate the process by advising the businesses on matters related to establishing of new entities, Mergers & Aquisitions and Joint Ventures as also on compliance with taxation and legal framework, etc.
9. I am also confident through such initiatives by ICAI, our CA fraternity is making its presence felt and showcasing its exceptional talent globally, especially in a country like Switzerland which is worldwide recognized as a financial centre of repute.
10. Friends, as you know Switzerland is a major hub for many traditional areas, such as banking & financial services, wealth management, biotech, pharmaceuticals, chemicals, commodities, bullion, luxury watches, etc. At the same time it also houses specialized, new age industries like medtech, fintech, AI and blockchain and many others.
11. Switzerland is known for the highest standards of governance, transparency, advanced infrastructure and safety. It has been accorded “AAA” Sovereign Credit grading by almost all leading rating agencies. It is because of all these reasons that this country is a favoured destination to set up regional and global headquarters and a natural choice for high quality talent.
12. I am convinced that this timely initiative of ICAI will play a pivotal role in utilizing the vast opportunities present in Switzerland by curating and hosting professional activities for the benefit of its members.
13. In so far as our Mission in Berne is concerned, we can support ICAI by connecting you with trade bodies, Indo Swiss businesses, World Economic Forum representation, Trade and Commerce including Swiss companies wanting to do business in India and looking for professionals, taxation topics and other ideas. ICAI chapter could be an important point of contact for such topics as qualified chartered accountants will be able to drive this with professionalism.
14. In conclusion, I would like to say that our Indian diaspora, especially our professionals working here are our real Ambassadors of India representing our talent, our capabilities and our unlimited potential to implement these partnerships, agreements and MOUs into reality and for mutual benefit of the two countries.
15. Once again, congratulations to all of you on your decision and I am looking forward to hear success stories of ICAI Zurich Chapter in the coming years.
Thank you.
