By Stephanie Jacob
Michael Andrew
KPMG’s global chairman, Michael Andrew said that KPMG is confident that Malaysia is capable of notching significant growth in the later half 2013.
He noted that “there has been consistent focus on high growth and emerging markets like ASEAN and with the removal of political uncertainty in Malaysia, the economy will grow stronger.”
As investors are now looking to invest in countries that have open foreign policies, if Malaysia can position itself as such then it will be able to benefit from the recovery being seen in the top economies like the United States, Japan and China, said Andrew when speaking at the KPMG Global Board Meeting held in Malaysia recently.
Andrew added that the practice of regionalisation was a rapid shift that was happening among the domestic markets, and that it was necessary for local businesses “to be educated on their governance, processes and due diligence to be able to strategically focus on their services and develop new capabilities to support the economy and domestic expansion,” he said.
Malaysia must take full advantage of its Asean membership and work towards market convergence and a single market. Andrew highlighted that with multinational companies constantly on the lookout to increase their foothold in Asia, it will be important to fully utilise the opportunities that Asean as a group has to offer.
He emphasised that in line with that KPMG too is committed to becoming the leading professional services firm. Admitting that continuously tapping into and maintaining a strong talent pool is key, Andrew said “generation Y has changed the accounting profession…we need to model their careers to…(have) good diversification and Asean is a good platform for them to build their CVs due to the diversity of work functions.”
He added that the current crop of employees will have to be managed differently and with more inclusivity. To get the and retain the best, it will be necessary to show them that the company is capable of enabling them in their efforts to be the best that they can be, Andrew concluded.
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