Hanrick Curran strengthens international alliance at Alliott Asia Pacific Regional Conference
Hanrick Curran was represented from 24-26 May in Osaka, Japan at the Asia Pacific Regional Conference of Alliott Group, the international alliance of professional services firms of which our firm is a member. The conference provided learning, personal development and networking opportunities and was attended this year by 28 professionals from 17 cities in 11 countries.
Hanrick Curran Audit Partner, Matthew Green and Tax Partner and Chair of the Alliott Group’s Asia Pacific region (and Deputy Chairman – Worldwide), Jamie Towers, attended the conference gaining insights into the business opportunities offered by Japan and other Asia Pacific economies. The conference also offered practical tips on how to communicate and negotiate more effectively with Asian business people. With delegates attending from Alliott Group affiliated member firms across Asia, as well as from Australia, Belgium, Germany and the UK, the conference enabled our firm to build stronger personal connections to professional advisers on whom our clients can rely whenever they need assistance with a business or personal matter.
At the conference, keynote speaker Ichiro Soné of Japan External Trade Organization (JETRO) provided economic data which confirmed the attactiveness and importance of trading with Japan. Updates were also shared on Japan’s new EU and Trans-Pacific Partnership trade agreements which are set to boost the country’s GDP and jobs market from 2019. Delegates also learnt about recent regulatory and tax reforms and the Japanese Government’s strategy to make the country more competitive in attracting high skilled foreign professionals.
Soné explained that Japan is the world’s third largest economy in terms of GDP (US$4,939 billion) and is performing well under the policies led by Prime Minister Abe. The country has enjoyed eight consecutive quarters of GDP growth for for the first time in 28 years. Furthermore, in January 2018, the Nikkei stock exchange reached a 26 year high average of 24,124 Yen, the rate of inflation is flat, and the effective rate of corporate tax has been reduced by 7% over the last three years to 29.74%.
There are opportunities for clients who may be looking to invest or expand into Japan- foreign businesses are being encouraged to enter the Japanese market through ongoing regulatory reforms (liberalisation and the loosening of visa requirements), particularly in the country’s medical/pharmaceuticals, energy and tourism sectors. The new policies are yielding results with records for the amount of foreign direct investment achieved in four consecutive years, peaking in 2017 at 29.97 trillion Yen.
Participation in a cultural workshop run by Shintaro Tominanga of PWCIB Academy also enabled our attendees to gain greater understanding of Japanese and Asian cultures and provided tips that will ensure our staff can help their clients to partner more effectively with business people in the Asia Pacific region.
Matthew Green comments, “The international focus of our firm is increasingly important to our clients and makes us different in our local market. The global reach offered by our Alliott Group membership means we that can extend our services to almost any location in the world as required by clients. Moreover, we can offer our talented people exciting careers with variety and international exposure. Clients needing help in Japan, other Asia Pacific countries or in other parts of the world, are encouraged to contact a member of the team so that we can introduce you to English-speaking professionals in different countries whom we know personally.”
Continuing our ongoing commitment to support the development and growth of our international clients, Jamie Towers will attend the Alliott Group Board Meeting and Worldwide Conference in Vancouver, Canada in August.
To find out more about how Hanrick Curran can provide professional advisory support to clients doing business in different markets around the world, please contact Jamie Towers or Matthew Green on 07 3218 3900.
Please note that this publication is intended to provide a general summary and should not be relied upon as a substitute for personal advice.