Speakers at a programme on Saturday emphasised strengthening regional cooperation with improved connectivity to mitigate the adverse impact of the current global crisis on the economies.
They urged for better socio-political understanding among the South Asian nations to tap the full potential of the huge population in the region.
The remarks came at the inaugural session of the South Asian Federation of Accountants (SAFA) International Conference 2022, hosted by the Institute of Chartered Accountants of Bangladesh (ICAB) at a hotel in the city.
Commerce Minister Tipu Munshi addressed the event as the chief guest while Prime Minister's private industry and investment adviser Salman F Rahman, State Minister for Planning Dr Shamsul Alam spoke as the special guests, with ICAB President Md Shahadat Hossain in the chair.
Former governor of Bangladesh Bank (BB) Dr Atiur Rahman presented the keynote paper at the programme which was also addressed by SAFA President H M Hennayake Bandara and chairman of the organising committee of the conference Parveen Mahmud, among others.
In his speech, Mr Munshi said the development of Bangladesh is an example to many countries as it will graduate from the list of least developed countries (LDCs) by 2026.
"But to sustain the development, we need to boost our trade with the countries in the region through establishing improved connectivity," he said.
He also pointed out that there would be many challenges in doing so, but if the neighbouring countries can work together, it would help us all to go forward.
Mr Salman Rahman said: "Most of the time, we talk about physical connectivity, but it is time to give emphasis on intellectual connectivity too to share ideas among the neighbours."
He noted that the region couldn't get connected as expected despite having good examples like the European Union (EU) and the Association of Southeast Asian Nations (ASEAN).
He said professional accounting bodies can play an active role in improving a country's image by providing practical insights and sharing best-practice examples from other countries.
Dr Atiur said the Covid-induced economic slowdown disrupted the global supply chains which was further aggravated by the Russia-Ukraine war.
There have been forecasts by the International Monetary Fund (IMF) and the World Bank that the global economy may shrink by 30 per cent while global economic growth to decrease by 1.10 per cent next year, he informed the meeting.
He said that despite many challenges, Bangladesh's economy was performing somewhat better than other countries due to improved financial inclusion, facilitated by mobile financial services (MFSs), and growing exports of RMG and inflow of remittances.
Emphasising on regional cooperation among the South Asian countries, he said that to deal with the ongoing global crisis, the neighbouring countries need each other more than ever to tame the commodity prices and soaring inflation.
Dr Atiur said multimodal connectivity specially popularising rail and waterways connectivity can significantly reduce the trade-related costs.
The State Minister for Planning said the Bangladesh economy may register around 7.0 per cent growth this fiscal year, beating the WB's forecast of 6.15 per cent, IMF's 6.0 per cent and Asian Development Bank's (ADB) 6.6 per cent as the country's exports are witnessing good growth in the recent months.
The ICAB president, in his introductory remarks, said the professional accountants and their clients should focus on sustainability reporting and green finance to ensure growth.
The professionals can translate data into useful information, help with cost analysis of environmental decisions and be involved with the audit and assurance of corporate social reports, he said.
Around 30 delegates from India, Nepal, and Sri Lanka attended this year's SAFA Conference physically while delegates from Pakistan and other SAFA countries joined the event virtually.
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