Connectivity must to boost regional trade

It is high time to stress regional cooperation for South Asian countries to curb inflation as The World Bank (WB) and the International Monetary Fund (IMF) have warned that the ongoing global crisis will worsen in the next few years, said speakers at an international conference.

They said increasing regional connectivity is a must for boosting trade and commerce among the nations of the region.

Speakers from home and abroad made the observation at a conference of the South Asian Federation of Accountants (SAFA) hosted by the Institute of Chartered Accountants of Bangladesh (ICAB) at Pan Pacific Sonargaon Hotel on Saturday.

Commerce Minister Tipu Munshi inaugurated the conference as the chief guest while Private Industry and Investment Adviser to Prime Minister Salman F Rahman and the State Minister for Planning Dr Shamsul Alam were present as special guests.

SAFA President HM Hennayake Bandara, Chairman of the organising committee of the conference Parveen Mahmud and ICAB President Md Shahadat Hossain, among others, also spoke on the occasion.

Commerce Minister Tipu Munshi said the development of Bangladesh is an example to many countries. Bangladesh is scheduled to officially become a developing country in 2026. To sustain development growth, we need to boost our trade among South Asian countries. Therefore, regional connectivity is a must.

“We have many challenges, but working together regionally we can go forward,” he said.

HM Hennayake Bandara said that the South Asian region, which is heir to a great ancient civilisation, today is on the threshold of a new era of prospects. In this scenario, the profession of accountancy would undoubtedly play a vital role in guiding the region to be on right track.

Salman F Rahman said, “Keeping pace with the change of time, we have to focus on intellectual connectivity like sharing knowledge and ideas. Regional connectivity is important to tackle the ongoing economic challenges of South Asian countries. The ASEAN is a good example of cooperation for the SA countries.”

“The prime minister has already warned of a looming food crisis at the beginning of 2023. This is high time to focus on increasing food production,” he added.

ICAB President Md Shahadat Hossain said, “To ensure growth, we need to focus on sustainability and green finance. Accountants have always faced the challenges of various complex situations. They can use their skills of combining data into useful information, help with cost analysis of environmental decisions and be involved with the audit and assurance of corporate social reports.”

Presenting the keynote at the conference, styled “Regional Connectivity for Sustainable Growth”, former Bangladesh Bank governor Dr Atiur Rahman said that regional connectivity has become more important in the context of the volatile geographical situation. “Enhancing regional connectivity is required for inclusive and sustainable growth. Despite no shortage of rationale for increasing regional trade cooperation among South Asian countries, it is growing at a much slower pace than the true potential,” he said.

The SAFA international conference is being organised this year in Bangladesh with the theme of “Regional Connectivity for Sustainable Growth”. Some 30 foreign representatives from SAARC countries including India, Sri Lanka, and Nepal participated in the conference.