Businessmen, editors, politicians and government officials at a seminar said that Bangladeshi media can play the most vibrant role in promoting business and economic development by identifying the barriers.
They further stressed the need for necessary training for journalists to make them further efficient in writing reports on various business and economic affairs as mass media can help the country uphold its image overseas.
Hailing the media's current role in unearthing corruption and financial irregularities in the country's financial sector, the speakers also requested the media houses to concentrate more in making investigative and in-depth reports in areas of trade and business.
The Dhaka Chamber of Commerce and Industry (DCCI) organised the seminar under the title 'Role of Media in Business and Economic Development' at its Motijheel office Tuesday.
DCCI President Mohammad Shahjahan Khan moderated the function where Information Minister Hasanul Haq Inu was present as chief guest.
Showing a PowerPoint presentation, Research Fellow of the Bangladesh Institute of Development Studies (BIDS) Dr Abul Basher said Bangladesh was once identified as a test case for economic development implying that if development is feasible here, it would be possible in any country of the world.
"The country now stands tall as a role model of development. It has transformed itself from a test-case to a 'development surprise' and it is one of the next 11 emerging economies of the world known as N-11," he said giving credit to the mass media for the achievement.
"Media has played the role of a custodian of public money by constantly remaining vigilant against corruption. It was the first in this country to unearth the financial irregularities or scams both in the past and at present time," he added.
Speaking as special guest, Media Adviser to the Prime Minister Iqbal Sobhan Chowdhury said huge investment is required for creating a media house.
He said the country needs good and dedicated entrepreneurs both in print and electronic media to help the industry grow without fear and bias.
"Now time has come to arrange seminars on the topic 'The role of business in the development of media,' he said, adding that many wrongdoings and malpractices come to spotlight because of media intervention.
He also urged the business community to raise their voices against loan defaulters, food adulteration and corruption, which extend a serious blow to the country's overall economic development.
Speaking on the importance of mass media, Information Minister Hasanul Haq Inu said the media can play the most vibrant role in economic development, specially in areas of SMEs (small and medium enterprises) and agriculture sector.
"Print and electronic media can inspire the entrepreneurs by detecting the barriers and finding way-out through their collected information and logic behind those," he said.
He also called upon the newsmen to remain alert against false, fabricated and any type of rumours in doing their professional duties.
Talking about foreign direct investment (FDI), Dr Shamsul Alam, member of General Economics Division of the Planning Commission, termed the country's image crisis as one of the main reasons for not attracting foreign investors as expected.
"Things worsen after the industrial incidents like Rana Plaza and Tazreen Fashions. So, the media has to play the key role in improving the image of the country by reporting positive progress made by the nation," he added.
Editor of Bangla newspaper Prothom Alo Matiur Rahman was critical of some of the observations of the keynote paper presenters, saying that the newspapers cannot publish wrong and anti-business news.
He said local dailies have long been publishing reports on issues of fire safety, building safety and poor labour practices in the RMG sector. But the manufacturers and the government did not pay serious attention to those.
"If the BGMEA (Bangladesh Garment Manufacturers and Exporters Association) took the factory inspection move 10 years ago, we might not have witnessed industrial disasters like Rana Plaza and Tazreen Fashions," he said.
Terming division in each tier of the society as ominous, he called upon the business community to get united on national issues to take Bangladesh's economy further ahead.
Among others, Professor Golam Rahman of the Department of Mass Communication and Journalism of Dhaka University, spoke on the occasion.