2018 Asia Pacific Regional Conference: Good turnout for conference focused on future-proofing the firm
Read a short report on the recent Asia Pacific Regional Conference in Osaka
Held from 24-26 May in Osaka, Japan, the 2018 Asia Pacific Regional Conference attracted 28 members from 17 cities in 11 countries, ensuring valuable personal development, learning and networking opportunities for all those in attendance.
The conference themed ‘Building a Future-Proof Professional Firm’ provided attendees with insight into the business opportunities offered by Japan and other Asia Pacific countries and offered tips on how to negotiate and communicate more effectively when doing business in Asia. Other content was provided to prepare firms for a more sustainable future in these fast-changing times.
Attendance from delegates from across Asia, as well as from Australia, Belgium, Germany and the UK, enabled Alliott Group member professionals to build stronger personal connections to advisers on whom their clients can rely whenever they need help with a business or personal matter.
Keynote speaker Ichiro Soné of Japan External Trade Organization (JETRO) provided economic data which confirmed the attractiveness 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)
- The country is performing well under the policies led by Prime Minister Abe
- Japan has enjoyed eight consecutive quarters of GDP growth for for the first time in 28 years
- 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%.
Japan: open for international business
Foreign businesses are being encouraged to invest in Japanese market through ongoing regulatory reforms (liberalisation and the loosening of visa requirements), specifically in Japan's medical/pharmaceuticals, tourism and energy sectors. The new policies are getting 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 business culture workshop facilitated by Shintaro Tominanga of PWCIB Academy also enabled staff to gain greater understanding of Japanese and Asian cultures and provided tips that will ensure member professionals can help their clients to partner more effectively with business people in the Asia Pacific region.
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