Call To Asean To Enhance Financial Integration To Unlock Full Potential

KUALA LUMPUR, Jan 31 (Bernama) -- Accelerating the integration and cooperation within Asean is an important key in improving regional financial integration, thus unlocking the full potential of its economies, Deputy Finance Minister Chua Tee Yong said. He said greater regional financial integration would raise Asean growth potential further. "While there has been a trend towards greater intra-regional trade and investment, more can be done to further enhance financial integration in the region,” he said at the Malaysia Institute of Accountants (MIA)-Asean Federation of Accountants Seminar here Friday. He said Asean, currently one of the fastest-growing and most dynamic regions, would grow at an average of 5.3 per cent over the next five years, according to the International Monetary Fund. By 2019, he said Asean economies are expected to reach US$3.6 trillion, five times the size it was a decade ago. On trade and investment, he said Asean intra-regional trade has grown from 18 per cent to 24 per cent of total trade since 1990, while intra-regional investment has quadrupled since 2000, from four per cent to 17 per cent of total investment. Chua said as the Asean community intensifies, it would certainly strengthen regional ties and offer significant opportunities for the accounting fraternity as it drives to establish close relations in the region. The Asean Economic Community (AEC) would be a great opportunity for the accounting community to shine the spotlight on the planned integration and liberalisation as a route to vast opportunities for the profession, he said. He said Malaysia had placed the strengthening of the accountancy profession a priority in its national agenda. “Our continued economic growth has placed greater dependence on the role of accountants, especially in key decision-making areas,” he said. MIA president Johan Idris said the implementation of AEC, targeted by year end, would create an enormous business and job opportunities as it would allow freer movement of goods, services, investments, capital and skilled labour within the region. He said to ensure freer skilled labour movements, the Asean Mutual Recognition Arrangements (MRAs) was signed whereby Asean countries had agreed to mutually recognise professionals with essential qualifications and work experiences, but subjected to domestic regulations. With the establishment of AEC and MRAs, he said the country is opening its doors for more foreign accountants to fill the requirement needed at home. “In Malaysia, we need at least 60,000 qualified accountants to meet industry demand as the country progresses towards becoming a high-income nation by 2020. “Currently, there are more than 31,000 accountants, including 120 foreigners, registered with MIA,” he said, adding that foreign accountants with the right skills and attitude would help boost the Malaysian workforce and economy. Themed “AEC 2015: Accounting Profession Beyond Borders”, the one-day seminar was aimed at providing insights into how the accountancy profession can play its role towards the success of AEC. -- BERNAMA