ASEAN, located at the heart of Asia-Pacific, is a region of great economic potential, particularly with the implementation of the ASEAN Economic Community (AEC) Blueprint 2025. According to the World Economic Forum, in 2014 the region was ranked as the seventh-largest economic power in the world. and third-largest economy in Asia, with a combined GDP of US$2.6 trillion. Between 2007 and 2014, ASEAN trade increased by a value of nearly US$1 trillion with foreign direct investment rising from US$85 billion to US$136 billion.
With a population of approximately 622 million people, ASEAN is ranked the world’s third largest market, with the third largest labour force behind China and India. The AEC Blueprint 2025 is envisioned to, among others, create a deeply integrated and highly cohesive ASEAN economy that would support sustained high economic growth and resilience even in the face of global economic shocks and volatilities.
These factors and more, makes a compelling case for TGS Global to recruit more members from the Asia-Pacific region. TGS Global is one of the world’s largest dynamic accountancy network, ranked 3rd in the World for Audit and Accounting, and 21st in the World for Non-Audit Services. It currently operates with 48 members from 44 countries. With the recruitment of more members from the region, TGS Global can rapidly expand the global footprint of its network.
This was one of the key agenda of Cheng & Co’s visit to France and The Netherlands on 12 June 2017. Cheng & Co’s Managing Partner Professor Dato’ Dr Chua Hock Hoo visited TGS Soregor in Paris and had a great brainstorming session with the President of TGS Global Marc Desjardins, Vice-President Member Engagement Silvia Létang, Vice-President Marketing and Digital Elsa Vallette and Vice-President International Development Andrew Menzies.
Discussions primarily centred around the appropriate mechanics to recruit the right growing and dynamic accounting firms in the Asia-Pacific region, similar to Cheng & Co as one of the leading home-grown international accounting firms in Malaysia. Talks were also held on plans to assist members increase their range of professional services with the help of TGS.
For Cheng & Co, this will also go a long way in helping our member firms expand their services and grow into highly competitive organisations. The most important of all discussions in Paris was on the recruitment of TGS Asia-Pacific members with Cheng & Co as the focal point of support, as part of our transformation strategy.
The benefits of TGS Asia-Pacific are immense. This is a region of different markets, varying economic development, cultural diversity and a booming middle class. It has thousands of accounting firms and entrepreneurs which will boost the membership of TGS Global. The region’s rapid growth will also help increase the global recognition of TGS members in Asia-Pacific and help promote and showcase their services worldwide.
Overall the meeting at TGS Soregor was an extremely productive and results-driven session, which could potentially help TGS Asia-Pacific become a reality. Cheng & Co also visited TGS Lime Tree in Amsterdam. Professor Dato’ Dr Chua met the firm’s Tax Partner Jeroen van der Linden, Tax Director’s Johan Felius and Paul Hulshof to explore numerous engagements such as the outsourcing of accounting services, taxation and payroll, in addition to initiating fund raising opportunities of M Group Australia’s development projects to potential clients.
As this is the year of Transformation for Cheng & Co, the visit to Europe – and upcoming engagements with other TGS members from major countries – will certainly accelerate Cheng & Co’s ambition to become the leading home-grown international accounting firm with offices in 100 locations by the year 2020.