More than 400 delegates for the GCC and India were in Bahrain to attend the 10th Annual International Conference of the Bahrain Chapter of the Institute of Chartered Accountants of India (BCICAI). 

 

The contributions of the ICAI in the economic growth of Bahrain in these challenging conditions have helped tremendously in working towards stabilization and economic growth in Bahrain. This conference could not have been more timely and appropriate”

 

Held under the patronage of Zayed R. Al Zayani, Ministry of Industry Commerce and Tourism, the event was held at The Diplomat Radisson Blu yesterday (November 23) with technology and VAT ruling the airwaves. 

 

Hameed Yusif Rahma, Assistant Undersecretary for Domestic Trade at the Ministry of Industry, Commerce and Tourism (MOIC) lauded the role of Indian chartered accountants in Bahrain’s progress, saying: "The contributions of the ICAI in the economic growth of Bahrain in these challenging conditions have helped tremendously in working towards stabilization and economic growth in Bahrain. This conference could not have been more timely and appropriate."

 

The opening ceremony was also attended by Indian Ambassador Alok Kumar Sinha and Ali Abdulhussain Maki, Assistant Undersecretary for Commercial Registrations and Companies (MOIC) and Brahmaviharidas Swami of the BAPS Foundation.

 

In his keynote address, Swami set the template for change, saying that change was inevitable, inescapable and cannot be categorised as good or bad.

 

"Since change is inescapable, we have to tackle it by adjusting ourselves, anticipating it, attuning ourselves to it and also changing ourselves without giving up on our spiritual and ethical values," remarked Swami.

 

“As Shadow CEOs/Chairmen and entrepreneurs, accountants must be aware of change and prepared to build it into their lives. Like finding a location on Google, we need to find our own location first and then map our response,” he stated.

 

Indian Ambassador Alok Kumar Sinha highlighted the transformative impact of the changes that India has embraced such as GST and said that Bahrain too was poised to benefit from new perspectives on economic and national growth.

 

“Embracing change and working towards growth is not just an impactful lifestyle choice but its positive effects transcend to policy making and lead to better bilateral relations between Bahrain and India” noted Ambassador Sinha.

 

KPMG Managing Partner Jamal Fakhro said: "With change, there is always growth and we must learn to swim with the current”. He touched upon dispelling fear around the utilization of AI and the benefits of its integration."

 

Bahrain Accountants Association (BAA) President Abbas Al Radhi talked about staying ahead of the curve and preparing the market for blockchain and its effects.

 

Adding on, Al Maki, who has been a part of the BCICAI since its inception, said that the conference helps the financial world of Bahrain in keeping abreast with the ever evolving demands. 

 

Day Two, which began with Khalid Al Rumaihi, CEO of the Economic Development Board as Chief Guest, saw the experts discuss topics such as Social Innovation, the impact of technology (AI, blockchain, cybersecurity) on accountancy procedures, Bahrain 2030 and integration of AI.

 

The evening ended with a scintillating concert of Indian classical music by Rajesh Vaidya, a renowned veena player and percussionist Karunakaran Nair. The event concludes today.-TradeArabia News Service