Institute of Chartered Secretaries of Bangladesh

A Statutory Body under an Act of Parliament

Administrative Ministry: Ministry of Commerce, Government of the People's Republic of Bangladesh

ICSB Organized CPD Seminar on “Post COVID Impact and the Russia Ukraine War: Economic Challenges and Way Forward for Bangladesh”

ICSB Organized CPD Seminar on “Post COVID Impact and the Russia Ukraine War: Economic Challenges and Way Forward for Bangladesh”

ICSB has organized a Continuing Professional Development (CPD) programme titled “Post COVID Impact and the Russia Ukraine War: Economic Challenges and Way Forward for Bangladesh” on Saturday, 18 March 2023 at 3.00 PM at the Conference Hall of BIDA, E-6/B Agargaon, Sher-e-Bangla Nagar, Dhaka-1207.

Mr. Lokman Hossain Miah, Executive Chairman (Senior Secretary), Bangladesh Investment Development Authority (BIDA), Prime Minister’s Office graced the occasion as the Chief Guest. Mr. Asif Ibrahim, Chairman, Chittagong Stock Exchange PLC also graced the occasion as Special Guest.

Dr. Atiur Rahman, former Governor of Bangladesh Bank presented a keynote paper on “Post COVID Impact and Russia Ukraine War: Economic Challenges and Way Forward for Bangladesh” and also graced the occasion as Special Guest. Mr. Mohammad Asad Ullah FCS, President of ICSB and Chairman of the Professional Development Sub-Committee chaired the session and delivered the welcome speech and moderated the session.

Mr. Mohammad Asad Ullah FCS, President of the Institute, delivered welcome speech and thanked everyone for joining the ICSB’s flagship learning programme ­- CPD. He said that through this kind of CPD program, members of the Institute have been enormously benefited with the updated knowledge. He urged upon the Hon’ble Chief Guest to execute a MoU between ICSB and BIDA enabling ICSB to provide professional support services, training, professional expertise etc to the office of BIDA and also facilitating training, professional development and knowledge sharing activities for both the Members of ICSB and the employees of the office of BIDA.

The Special Guest and Keynote Speaker Dr. Atiur Rahman elaborately discussed the economic challenges and way forward for Bangladesh. He said that prudent allocation of resources will be pivotal and innovation and sustainability must be prioritized. He also recalled that agriculture has been the vanguard of the macro economy of Bangladesh and it will continue to be pivotal for the process of inclusive recovery of us. He also mentioned that investment-driven industrial growth contributed towards macroeconomic stability and the digitization drive paid off amid the pandemic.

He mentioned that Bangladesh is “on track” for an inclusive recovery and the economy is poised for resilient and inclusive growth. Steering out of the storm we are confident but cautious steps required in the upcoming days.

Special Guest Mr. Asif Ibrahim thanked ICSB for arranging such an important CPD Seminar. While discussing the way forward he said that to mitigate the impact of these global events on Bangladesh’s economy, the country needs to adopt a multifaceted approach.  He suggested as- Firstly, the government needs to provide support to the informal sector workers who have been most affected by the pandemic. Secondly, the government needs to provide support to the export-oriented industries that have been affected by the pandemic. Thirdly, the government needs to diversify Bangladesh’s trade relationships to reduce the country’s reliance on any one country. Fourthly, the government needs to invest in renewable energy sources to reduce the country’s reliance on fossil fuels.

During the discussion, Mr. M Nurul Alam FCS Senior Vice President, ICSB said that there was very thoughtful discussion by the eminent speakers Dr Atiur Rahman and Mr. Asif Ibrahim which are eye opener for the policy makers. He mentioned that the impact of Post Covid and prolong Russia Ukraine War are widely visible in the Bangladesh socio-economy and lifestyle of the middle-class people who have been severely losing their purchasing capacity and leaving cities for staying in villages, prices of fuel and food items increased to sky high due to disruption of transportation and went beyond the reach of the middle-class people. Foreign currency inward remittance decreased. Government to take steps to strengthen governance, financial inclusion through MFS, positive attitude to the people not in words rather in action and zero tolerance for corruption.

Another Discussant Mr. Tanvir Ahmed Siddiqui ACS, Company Secretary, Prime Bank Limited thanked the keynote speaker for explaining the ripple effect of the global turbulence and geopolitical polarization on the comparatively integrated economy of Bangladesh in brief.

The Chief Guest Mr. Lokman Hossain Miah thanked the Institute for organizing such a CPD Seminar on current important issue. While delivering his speech, he mentioned that global economic activity is experiencing a worldwide unexpected slowdown with higher inflation that has not been seen in the recent past. The Russian Ukraine war has happened at a time when the world just started to recover from the fallout caused by more than two years of COVID-19 pandemic.

He also mentioned that Bangladesh is a country with enormous potential that is yet to be realized. Mindful of the fact that we deserve a future that is significantly better than today. Bangladesh Vision 2041 and the supporting perspective plan lays down goals and strategies to achieve those goals. The success of MDG also brings confidence for achieving the SDGs. In the last 15 years, with limited resources, Bangladesh has witnessed one of the fastest reductions in poverty anywhere in the world. We should rationalize spending and prioritize more sustainability of economic growth and resilience.

The programme was attended by a large number of members of ICSB, government officials and professionals of different fields. The discussion session was followed by an interactive session, where the Chief Guest and Session Chairman answered various questions of the participants.

At the end Mr. Mohammad Abdullah Al Mamun FCS, Treasurer of ICSB concluded the session with a vote of thanks to the Chief Guest, Special Guest, Keynote speaker, discussants, President and members of ICSB, and all participants.