Bashir for ensuring transparency to uplift economy

Commerce Adviser SK Bashir Uddin on Friday laid emphasis on ensuing transparency, accountability and good business practice for the sake of the country's economic uplift.

He also expressed his optimism that a 'golden future truly awaits the country.

"If we can ensure transparency, accountability, and equitable distribution of resources, it is possible for us to upgrade our status. But, if that does not happen, a kleptocracy will emerge." He said, adding that the government if working relentlessly to keep the country free from 'kleptocracy."

Mr Bashir Uddin was speaking at the opening session of the SAFA International Conference at the Pan Pacific Sonargaon Hotel as the chief guest.

He further said in the past, economic statistics were manipulated to facilitate the laundering of billions of dollars.

In most cases, money laundering took place under the guise of business, he said.

Because of widespread irregularities over the years, a significant amount of illicit capital has been generated in the country, undermining fair competition in the market.

"The present government has taken steps to curb unfair business practices," the adviser added.

Urging accounting and finance professionals to take the lead, the adviser underscored the need for ensuing transparency and compliance in every business aspect.

"This is an august gathering of professionals, and you have responsibilities to ensure transparency and fair financial reporting," he said.

Speaking on the ongoing trade negotiations with the United States and the potential challenges associated with Bangladesh's graduation from LDC status, the adviser laid emphasis on improved labour productivity, better utility cost management, and enhanced logistics efficiency.

"We lack natural raw materials. So we must focus on productivity and innovation to ensure fair competition," he observed.

In his keynote speech, economist Dr. Debapriya Bhattacharya lauded the importance and role of accountants in ensuring transparency and stability in the economy, especially in developing countries like Bangladesh.

He also suggested structural reforms, particularly in banking, energy, and revenue collections.

Political will, a clear vision, and strategic communication are necessary for future reforms, said Debapriya Bhattacharya, who is a Distinguished Fellow at the Centre for Policy Dialogue (CPD).

He called for inclusive participation, a clear reform agenda, and efficient monitoring system to make the reforms initiative successful as the country is preparing for upcoming political transitions.

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) under the auspices of the South Asian Federation of Accountants (SAFA) organised the two-day event with With the theme "Reform. Reskill. Reimagine: The Future of Bangladesh Economy".

Some 400 delegates from SAARC countries are taking part in the event.

Industries Ministry Secretary M Obaidur Rahman, President of the South Asian Federation of Accountants (SAFA) Ashfaq Yousuf Tola, Chairman of the Financial Reporting Council Dr Md Sajjad Hossain Bhuiyan, President of the Institute of Chartered Accountants of Bangladesh (ICAB) N.K.A. Mobin, and President of the Institute of Cost and Management Accountants of Bangladesh (ICMAB) Mahtab Uddin Ahmed, among others, were present on the occasion .

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