Accounting firms can play an important role in helping Singapore stay competitive in the financial services industry while also devising innovative business models, said Deputy Prime Minister Teo Chee Hean on Monday.
Mr Teo pointed out that the accountancy sector, with its adherence to international standards and regulation, will play a crucial role in helping other businesses grow while also thriving as an industry in its own right.
‘We want Singapore to be a global accountancy hub that offers high-value-added professional accountancy services, that is a home for global accountancy organisations and serves as a thought and practice leader in the design and implementation of global accounting practices and standards,’ he said.
Singapore aims to raise the accounting sector’s contribution to the economy from 0.4 per cent now, to 1 per cent over the next 10 years.
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