ACCA (the Association of Chartered Certified Accountants) has announced the launch of two new research papers into the impact of the Belt & Road initiative. The research project examines how Belt & Road will affect the business infrastructure of China and a series of key economies including Malaysia along the proposed trade route. The research project is expected to last two years.
ACCA launched two new reports at the SNAI Conference in Shanghai. A new English-language report The Belt & Road Initiative Reshaping the Global Value Chain, in partnership with the Shanghai Stock Exchange, features a global review of the initiative and case studies into how seven Chinese companies are preparing for their involvement in the project.
A second Chinese-language report, Booting The Belt and Road with Accounting Infrastructure – with Deloitte China and the SNAI – offers an overview of the accounting systems, tax risks and personnel requirements in major countries along the Belt and Road route.
Jeyasothy Palakrishnar, Head of ACCA Malaysia, says, “the Belt & Road initiative is expected to see $4tn worth of investment in infrastructure, and Prime Minister Datuk Seri Najib Tun Razak has encouraged Malaysian business to engage with the opportunities on offer. Yet there will be many challenges involved in such a complex cross-border project and finance teams will play a vital role in realising value and ensuring accountability. Malaysia has already identified the need for 60,000 accountants by 2020 to meet the needs of a developing economy. A project such as Belt & Road will increase the demand not just for accountants, but for the range of skills required to work for business in a 21st century global supply chain. This new research will help practitioners and policy-makers understand the scale and impact of the project and the role the accountancy profession can play to support economic development both regionally and in Malaysia.”
Helen Brand OBE, chief executive of ACCA, said “such an ambitious international trade route will only be successful if the economies along it collaborate productively. ACCA has operations in 52 countries around the world and 24 of these countries sit directly on the Belt and Road footprint. In this way, the ACCA world is very much aligned to that of Belt and Road. For economies to maximise the opportunities offered by Belt and Road, they need to start preparing now: planning for access to talent, and thinking about training professionals with the right blend of skills needed to act as a strategic business leader and trusted adviser to private and public companies.”
Source: Media Release