Dr. Md. Salim Uddin FCA, FCMA, Chairman, Executive Committee of Islami Bank Bangladesh Limited, Professor, Department of Accounting, University of Chittagong and Chairman, Bangladesh House Building Finance Corporation presented a keynote paper on ‘Impact of COVID 19 on Business – The Bangladesh Perspective’ in the members at virtual platform organized by the Institute of Chartered Accountants of Bangladesh (ICAB) recently.
In the paper, Dr. Salim Uddin explored the impact of COVID 19 on the business landscape globally in general and in Bangladesh in particular. He focused on unusual and abnormal global situation due to COVID19 and its expected crisis duration including its potential impact on economy as well as business. Dr. Salim covered COVID 19 Impact on business such as recessions, recovery, implication and its consequences to business. Textile, tourism, pharmaceuticals, export import business, SME, industrial production, manufacturing production, revenue, remittance, credit growth, startup business are facing challenges, he said.
He also highlighted some key message to think for next new normal, to act rather than react, stop assuming that the old ways will come back, the recovery will be digital, decisive actions to emerge stronger in the next normal, to accelerate organization’s digital capabilities to keep pace, refocus digital efforts toward changing customer expectations, use new data and artificial intelligence to improve business operations.
To revive the economy, it is more important to be inclusive moving forward together, he suggested. Dr. Md. Salim Uddin said textile, garments, footwear, leather and construction sectors were the most hit hard sectors of our economy. He also mentioned that, COVID 19 has immense impact on Rural Economy like other sectors. For which demands in poultry, dairy, fisheries were decreased that led to a drastic price drop in the respective sectors.
Due to industrial shutdowns, garments workers and urban day laborers have lost their jobs, he said. Consequently, a large number of people with no income source moved from cities to villages which pushed the rural economy at a vulnerable stance, he added. He stressed on more digital economy; demonetization; global supply chains redrawn; policy reforms; liquidity rush in the capital markets and the nature of Jobs. Over the past six months, business organizations have reorganized supply chains, set up remote operations, and made tough financial decisions, he said.
Professor Mustafizur Rahman, Distinguished Fellow, Centre for Policy Dialogue (CPD) was present in the conference as Chief Guest. ICAB President Muhammad Farooq FCA delivered address of welcome while Dewan Nurul Islam FCA, Former President, ICAB and Managing Director, Grant Thornton Consulting Bangladesh Ltd. presided over the Conference as the Session Chairman. Vice President of ICAB Sabbir Ahmed FCA offered the closing remarks and Mahbub Ahmed Siddique FCA, Secretary and CEO (In-Charge), ICAB conducted the questions and answers session. Members of ICAB were present in the conference. – Press release