Singapore, June 22, 2006—At the Deloitte Annual World Meeting in Singapore, Mr. William G. Parrett, CEO Deloitte, today echoed the remarks of Minister Mentor Lee who discussed the emergence of India and China and their impact on the world. Minister Mentor was the special guest at a gathering of over 250 senior partners and leaders from Deloitte member firms around the globe.
Mr. Parrett said, "I am extremely honored to have Minister Mentor Lee at our annual world meeting and to listen to his comments on the strategic importance of both India and China and the role they will play in shaping the global economy."
"Both countries will emerge to be economic superpowers," he added. "However both have different issues to address along their journey. India must do more than rely on its IT and services to create sustainable growth. They need to focus on other sectors such as manufacturing, improve infrastructure and create an environment to support foreign direct investment. China on the other hand needs to continue to modernize its state-owned enterprises, enhance management and product innovation, address migration of people to the cities and meet critical resource needs."
Singapore and Southeast Asia will benefit enormously from the emergence of China and India according to Mr. Chaly Mah, CEO of the newly established Deloitte ASEAN. Mr. Mah said, "Singapore can be a role model and mentor for the emerging economies of India and China. There has been strong foreign investment in Singapore for the past 30 years. We have much experience to share, particularly in the areas that are critical to attracting foreign investment including corporate governance, best business practices and innovation. Further, Singapore shares a common cultural understanding with China and India."
Mr. Parrett shares Minister Lee's optimism for India and China. "At Deloitte, we have very aggressive plans in place to double our strength in Asia over the next five years, much of this driven by India and China," he said. "Asia Pacific currently constitutes just over 10 percent of our combined global revenues and we plan to grow that to 25 percent. Deloitte member firms are investing heavily in India and China. Since 2004, US$150 million has been invested in China and US$50 million in India. This investment is not disappearing in bricks and mortar but is being used to enhance our member firms’ ability to deliver more value to our clients. Deloitte China now has over 5,000 people and expects to double this by the end of the decade. Likewise in India we have seen our number of people grow by more than 30 percent a year and we expect to double this to 12,000 by 2010."
Mr. Manoj Singh, Asia Pacific CEO and Regional Managing Partner added, "With India and China the two fastest growing markets in the world, it is important for Deloitte to grow with its clients and accelerate its focus on these markets. As our clients expand their operations in that part of the world, we are meeting their demands for audit, tax, consulting, and advisory services."
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