The Institute of Chartered Accountants of Bangladesh on Sunday said the exchange control regulations and the company law should be reformed as both of them no longer address the needs of modern businesses.
The suggestion was made at a discussion on ‘path to an easier business environment’ organised by ICAB in Dhaka, said a news release.
Finance minister Abul Maal Abdul Muhith attended the discussion as chief guest while Bangladesh Investment Development Authority executive chairman Kazi M Aminul Islam was present as special guest and Foreign Investors’ Chamber of Commerce and Industry Bangladesh president Rupali Chowdhury as guest of honour.
Muhith said Bangladesh has progressed far for its investments in agriculture, industries and service sectors.
These have been stemmed from the government’s intensive cares on electricity and energy generation, widened network of roads, rail and telecommunication, investment for quality in education and health sectors and the expansionary monetary policy with controlled inflation, he said.
A well-functioning labour 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 could move up within the middle-income country very soon.
The government is determined to ensure the congenial atmosphere for business, the minister added.
ICAB president Adeeb Hossain Khan delivered the welcome speech and moderated the programme. ICAB council member Dewan Nurul Islam presented the keynote paper while BIDA executive member Ajit Kumar Paul presented a paper on the BIDA’s strategy to foster business activities and ensure congenial environment.
The suggestions and 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, the ICAB release said.
The discussion brought together national policy-makers, leaders from various professional and trade bodies, industry leaders, stakeholders, academics and policy advisers.
The need for investment in education was also highlighted at the discussion so that the growing economy of the country could have the skills it needs.
Highlighting the role of chartered accountants, Adeeb 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 said last several years Bangladesh has enjoyed the safety net of remittances, a trend which now seems to be reversing.
Businesses rely on quality and skilled human resources to grow, or go up the value chain, he said.
While attracting and retaining talent is a problem nearly everywhere in the world, the problem is particularly acute in Bangladesh because of tiny talent pool, he observed.
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