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Media-business trust in the spotlight

Star Business Report
The gap between the media and businesses can only be bridged by ensuring trust and transparency on both sides, said a top media analyst yesterday.
“The relations between the media and businesses have been gradually improving for the last 30 years with the development of private sector. So the gap that still exists can be bridged by achieving trust and ensuring transparency on both sides,” said Amitabha Datta, the immediate past president of Ananda Bazar Patrika Group.
“The difference between profit and profiteering was not clear to the common people 30 years ago. The media portrayed businesses only as profit-making ventures and had a negative impression about industries that time," he added.
He was speaking at a discussion styled Bridging the Gap between Media and Business' organised by Bangladesh Brand Forum in Dhaka.
"Business journalism has developed here over the last few decades, which is directly connected with the development of the private sector," said Datta.
"Still, the space of business journalism is limited in the Indian subcontinent, but it'll have to grow."
Datta stressed training business journalists and said the country's entrepreneurs have to take the responsibility to educate them.
"The relation between media and businesses is close. Media provides insights into business through news that helps entrepreneurs take decisions and expand market eventually," he said.
In his keynote paper, Sarwar Ahmed, managing director of Syngenta Bangladesh Ltd, said newspapers have a pivotal role in educating their readers and influencing the policies taken by the lawmakers and businessmen.
He called upon businesses to ensure transparency in their financial statements, including income statements, revenues, expenses, profits and taxes.
“A lack of transparency in the financial statement often leads the business journalists to some unwanted mistakes,” said Ahmed.
Mahfuz Anam, editor and publisher of The Daily Star, said media has a "biological relation" with the businesses, as the businesses sell products trusted by consumers and the media brings to light the truth that can be trusted.
“Media helps businessmen take decisions. If the media can play proper role, it will help businesses flourish," Anam said.
When the media becomes trustworthy, it helps businesses to be trusted as well, and for this the media should achieve the trust of the mass, he said.
“Media helps create trust in products by examining the ethical practices of any businesses. Trust deficit can collapse any businesses. For example, one of the major causes for global financial meltdown is trust deficit,” he added.
He suggested media change practices, including ensuring accuracy and authenticity of any news, and admit mistakes if done.
"We often don't admit our mistakes. But admitting mistakes can prove the media's sincerity in reporting," Anam added.
Standard Chartered Bank and Asian Paints sponsored the session.
Munawar Misbah Moin, managing director of Rahimafrooz Renewable Energy, and Motiur Rahman, editor of daily Prothom Alo, also spoke.