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Global Financial Crisis

CA for combined move to minimise fallout

Staff Correspondent
Chief Adviser Fakhruddin Ahmed yesterday called upon everyone to work together to minimise the impacts of the global financial meltdown to achieve a sustainable global economic development.
The country needs to switch on the economic drivers that can bring about an inclusive world economic order, he said at the inaugural ses-sion of the two-day long International Business Conference at the Bangladesh-China Friendship Conference Centre.
"Such drivers include innovative entrepreneurship, pragmatic business strategies, non-polluting manufacturing process, renewable sources of energy, productive labour and seamless flow of labour, technology and capital across the borders," Fakhruddin said.
"Our vision for sustainable growth in the coming years will remain largely unachieved if we fail to put in place as set of participatory and accountable, coherent
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and coordinated global institutions," he said on tackling the adverse impacts of global climate change, saving Asian economies from the negative trends of global economic crisis and cross border conflicts.
In recent period, people have witnessed diverse sets of global factors, which have precipitated food insecurity, energy crisis, commodity price boom and currently, financial meltdown, he said. At the same time, multilateral trade talks remain at bay and flow of overseas development assistance show declining trend, he added.
"Given the emerging global economic situation, I think the envisaged brainstorming is very pertinent particularly for developing countries like Bangladesh. For Bangladesh especially, this conference comes at a very important moment of its democratic transition as the country prepares for national election," the chief adviser said.
Dhaka Chamber of Commerce and Industry (DCCI) organised the conference with the slogan "The next 15 years, a vision for growth" to mark the chamber's 50th foundinganniversary.
Finance and Planning Adviser Mirza Azlzul Islam, Commerce and Education Adviser Hossain Zillur Rahman, UNCTAD Secretary General Supachai Panitchpakdi, and International Chamber of Commerce-Bangladesh (ICC-B) President Mahbubur Rahman also spoke at the inaugural session.
Mirza Aziz said the indomitable private sector of the country is helping a lot in achieving the millennium development goals within next decade or earlier.
The government has already formed Bangladesh Better Business Forum and Regulatory
Reforms Commission to facilitate businesses, he added.
Adviser Hossain Zillur urged businessmen to work confidently to face the crisis of global financial turmoil although he said the time may be hard for businessmen in two contexts--the global financial recession and the upcoming parliamentary election.
Terming the global financial recession a "crisis of confidence", he said the dream of economic graduation of the country becoming a mid-income country is possible if everybody works confidently.
He said the nation is eagerly waiting to hold a general election as a transition to the democratic process. "As we face risky times, wc should not forget to pick the oppor tunities from the risks," said Hossain Zillur.
ICC-B President Mahbubur Rahman said, "In the path of development for the next 15 years, we will have to keep in mind three issues--the current financial crisis and its impacts on the economy, the emerging role of Asia and the possible niches for countries like Bangladesh."
Asia is the new centre of gravity of the global economy, he said, adding that Bangladesh with its rapidly growing economy has weathered many challenges, emerging even stronger from each experience.
"Against all odds, and despite inadequate supportive infrastructure, our private sector has matured and become globally competitive," Mahbubur Rahman said.
Earlier, in his welcome speech DCCI President Hossain Khaled narrated a brief history of the DCCI.
The chief adviser signed a commemorative stamp released on the occasion of the golden jubilee of the DCCI.