A total of 109 new partners will be admitted into KPMG-member firms across the Asia-Pacific this year. Representing a 22 percent increase over 2012, it is testimony to KPMG's belief that this is the decade of an economic renaissance in the Asia-Pacific.
KPMG's leadership teams in the Asia-Pacific are converging on Singapore this week to discuss plans for growth in the Asia-Pacific, one of the most economically promising regions for growth geographically.
Mr Tham Sai Choy, KPMG's new Asia-Pacific Chairman and Managing Partner of the Singapore firm said: “The Asia-Pacific region is a key growth market for KPMG. It is an exciting region brimming with opportunities and challenges for our clients. The meetings in Singapore this week write another chapter about KPMG's plans for growth in this exciting market."
Different events planned include a conference for new partners being admitted into KPMG member firms worldwide, a meeting of its Global Executive Team, and other regional business sessions.
The Asia-Pacific region comprises great diversity in terms of economic and political structures, languages, culture and economic development. As one of the fastest growing marketplaces in the world, this brings about unique and complex business challenges for businesses.
A combination of moves all point to KPMG's commitment to serving rapidly growing businesses in the Asia-Pacific. KPMG was the first among the largest networks of professional services firms worldwide to appoint a Global Chairman based in the Asia-Pacific. Appointed in May 2011, Mr Michael Andrew is based in Hong Kong.
KPMG was also the first among the largest professional services firms to enter the Myanmar market, with KPMG in Myanmar opening its office in November 2012. A member firm was also set up in Mongolia.
An economic renaissance in the Asia-Pacific
Mr Tham added: “Growth in the Asia Pacific is expected to thrive for many years to come, and continues to present a multitude of opportunities. It is my privilege that our KPMG partners across the region representing 33,000 of our highly-talented colleagues are meeting this week to discuss our plans for the future, and building one KPMG community to serve the needs of our clients across the region."
Mr Geoff Wilson, KPMG's new Asia-Pacific Chief Operating Officer said: “The executives I have met in the region have demanding and dynamic agendas – growing revenue, enhancing margins, and managing risk. For KPMG, this means offering greater breadth and depth of knowledge and skills. Along with our global reach and leading-edge tools, we provide our clients with unique insights into their markets and their businesses."
An example of this growth potential in the immediate region is the ASEAN Economic Community (AEC) initiative, which has since 2007 been moving towards targeted regional cross-border import duties of zero by 2015.
Another is the Regional Comprehensive Economic Partnership (RCEP), a Free Trade Agreement (FTA) scheme comprising the 10 ASEAN Member States and FTA Partners Australia, China, India, Japan, Korea and New Zealand. When concluded, it is likely to encompass more than 3 billion people with a combined GDP of about US$17trillion & account for about 40 percent of global trade.
An even larger 'regional,' trade agreement is the Trans-Pacific Partnership (TPP) under negotiation between 11 countries in the Pacific. These include Australia, Brunei, Chile, Canada, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.
If successfully including Japan and South Korea, trade among its member countries could represent 40 percent of Global GDP, about 27 percent of current world exports and by 2025, increase world trade by 12 percent if coverage grows across the region as expected.
“Nine out of every ten new partners came up through our ranks demonstrating we recognise and reward success at KPMG. We are fully prepared to back our 'home grown' talent. Our new partners have worked hard to strengthen and deepen client relationships throughout the region," added Mr Wilson.
Mr Tham concluded: “My colleagues and I are committed to developing our people's potential in the service of our clients, offering them deep technical expertise, cultural insight and in helping them cut through the complexity of operating in this exciting growth market."