Smart Bangladesh: Chartered Accountants Role in

Transcript:Smart Bangladesh: Chartered Accountants Role in:
Smart Bangladesh: Chartered Accountants Role in the Journey Chartered Accountants in Business Perspective Md. Abdul Kader Joaddar FCA MD & CFO, SCB 22 May 2021 Brief Background Since establishment in 1973, ICAB had been the trusted Partner in Progress of Bangladesh over last 50 years Bangladesh has made tremendous progress, GDP grown from $8bn in 1973 to $460bn in 2022. ICAB also have grown its member to around 2,300. ICAB actively participated in various policy formulations, writing various laws, and also contributed towards economic success of Country ensuring financial transparency, corporate governance. Implementation of DVS is a key milestone. This journey was not easy, but was made possible by some of the legendary figures of the profession through dedication, hard works and in some cases personal sacrifices. As we celebrate 50th Anniversary of ICAB, we also look 50 years ahead, as the country embarks on achieving a Trillion dollars plus economy enabled by Smart Bangladesh by 2041 ICAB and its members are also preparing to embark on this very different journey, and this seminar is part of that preparation. How the Economic Landscape would be like GDP 2022: $460bn. 2041:$1.1trln(@4.7%) 2.4 times $2.3 trln (@9%) – 5 times $2.8trln (@10%) – 6 times MAC Population 2022: 12m 2030:34m, grow 3 times. Larger than size of Malaysia. To become the 9th largest consumer market. Digitization, Automation Block chain, IOT, Artificial Intelligence, Robotic Process Automation, Machine Learning, Big data, Data Analytics New Industry IT & Outsourcing Light Engineering & assembly Agro processing and FMCG Fin. Services, MFS, Insurance Innovation to remain relevant Continuous innovation would be the key to success as well as to remain relevant Expected Landscape Change Key Enablers Smart Bangladesh Smart Government - Paperless Smart Citizens –Tech & Vocatl. Edu Smart economy - Digitized Smart Society – Cashless economy FinTech and Startup Fintech and Startup ecosystem needs to be supported to help economy Foreign Direct Investments Financial transparency Corporate Governance Ease of doing business Policy Reforms Engage private partners early Consistency and law Sustainability at the center To improve resilience Secure low cost capital Reduces risk with better credit rating Risk Management Cybersecurity Capital Markets Improved governance Supplier of long-term funding Role of ICAB in Changing Economic Landscape Role of ICAB in Changing Economic Landscape (cont’d) Role of Professional Accountants in Business (PAIB) In the fast changing eco system, influenced by digitization, extensive use of Big Data, prevalence of