The Institute of Chartered Accountants of Bangladesh(ICAB) organised a discussion on ‘Path to an Easier Business Environment’ on Sunday, 19 March 2017 at Ball Room, Pan Pacific Sonargaon, Dhaka.
Abul Maal Abdul Muhith, MP, honourable Finance Minister, GoB graced the occasion as the Chief Guest while Kazi M. Aminul Islam, Executive Chairman, Bangladesh Investment Development Authority (BIDA) was present as Special Guest and Ms. Rupali Chowdhury President, Foreign Investors’ Chamber of Commerce & Industry (FICCI) Bangladesh attended as Guest of Honour.
ICAB President Adeeb Hossain Khan FCA delivered address of welcome and moderated the programme.ICAB Council Member DewanNurul Islam FCA presented keynote paper while Executive Member & Secretary, Bangladesh Investment DevelopmentAuthority (BIDA) Ajit Kumar Paul FCA presented a paper on BIDA strategy to foster business activities and ensure congenial environment.
The suggestions & recommendations came out from the discussion will assist the government in developing the policy guidance for upgrading the procedures of country’s trade and business and overall environment. This high-level discussion hosted by ICAB brought together National policy-makers, leaders from various professional & trade bodies, industry leaders, stakeholders, renownedacademics and policy advisers. The discussants from ICAB highlighted the need to reform exchange control regulations and the company law which are both out of date in many respects and no longer address the needs of modern businesses. The need for investment in education was highlighted so that our growing economy could have the skills it needs.
As chief guest the Finance Minister Abul Maal Abdul Muhith said that Bangladesh has progressed far for its investments in agriculture, industries & service sectors. These have been stemmed from out of government’s intensive cares on electricity & energy generation, widened network of roads, rail & telecommunication, investment for quality in education & health sectors & the expansionary monetary policy with controlled inflation. A well-functioning labor market is also being developed in the country, he added. He further stated that Bangladesh reached Low Middle Income Country status in 2014 and with the right policies and timely action, it can move up within the middle-income country very soon. Government is determined to ensure the congenial atmosphere for business, the minister added. Highlighting the role of Chartered Accountants, ICAB President Adeeb Hossain Khan FCA said, Chartered Accountants work closely with the investor community. Whether it is to do feasibility studies or advise on regulatory matters, over and above matters of financial management.
He further said that last several years, Bangladesh has enjoyed the safety net of remittances, a trend which now seems to be reversing. He also said that businesses rely on quality and skilled human resources to grow, or go up the value chain. While attracting and retaining talent is a problem nearly everywhere in the world, the problem is particularly acute in Bangladesh too because of tiny talent pool, he observed.
Md Mahamud Hosain FCA Vice President - ICAB gave the vote of thanks.