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Salman Rahman Urges Businesses

Embrace digitalization to accelerate economic growth

Published : Monday, 8 July, 2024 at 12:00 AM  Count : 378
Business Correspondent
The country needs to embrace digitalization and new technologies for economic growth and enhancing e-commerce. Digitalization is crucial for streamlining international trade and ensuring competitiveness in global market, said Salman F. Rahman, Private Industry and Investment Adviser to Prime Minister said on Sunday.

He emphasized on digital transformation while speaking as chief guest at a round table discussion titled "Digitizing International Trade in Bangladesh" organized by International Chamber of Commerce (ICC) Bangladesh at a city hotel.

Prominent figures in banking and trade sectors gathered to discuss the future of digital trade. It was inaugurated by Muhammad A. (Rumee) Ali, Chairman of ICC Bangladesh Banking Commission.

The seminar was addressed by Iftekhar Alam of Islamic Trade Finance Corporation, Dr. (Ms.) Rupa Chanda of UNESCAP, Edimon Ginting of the ADB and ICC, Bangladesh President Mahbubur Rahman Syed Ershad Ahmed, president, American Chamber of Commerce, Bangladesh, Zaidy Sattar, Chairman, Policy Research Institute and other economists and chamber leaders were present. Pamela Mar, Managing Director, Digital Standard Initiative, presented the key note speech.

Kutubuddin Ahmed, Nasir Ezaz Bijoy, Md. Saiful Islam, Mursheda Zaman, Md. Sarwar Hossain, Md. Raich Uddin Khan, and Muhammad Zahangir Alam were panelists in the event.

Salman Rahman highlighted the critical role Artificial Intelligence (AI) which will play a big role in the future, he said. He also stressed the importance of digitalization for tax net expansion and accurate export data reporting.

He said, in coming days machines will take over human and play big role. It will bring challenges and also opportunities. NBR can use digitization and EPB should correct its system. They should sit together to find out proper mechanism.

The ICC president Mahbubur Rahman said digitalization is vital for international trade as it increases efficiency, lowers costs, improves transparency, and broadens market access. By adopting digital trade solutions, businesses can manage the challenges more effectively and sustainably.

He said Digital Standards Initiative (DSI) is a global initiative based in Singapore, backed by an International Governing Board of ICC, Enterprise Singapore, the Asian Development Bank, World Trade Organisation and the World Customs Organisation."

Kutubuddin Ahmed, member, ICC Bangladesh Executive Board said cyber security is a challenge in paperless society. "We have challenge but we can do it. The government is serious and digitization will  happen.

Nasir Ezaz Bijoy, vice president, ICC Bangladesh said banks, trade forwarders and all stakeholders must work in coordination under digitization.

Md. Saiful Islam, former president, MCCI said recently there is a controversy on export data among Bangladesh Bank, EPB and NBR. If all were automated then such problems would be dissolved. "Digitization should be improved and we need a club."

Md. Sarwar Hossain, director, Foreign Exchange Policy Department, Bangladesh Bank said the government is actively working towards digitization. Initiatives are there to support automation. We have agreements with others countries for technology and financial support.

The ICC Bangladesh vice president AK Azad said paperless trade across the globe is on rise. Digitalization will cut costs of business. In AI world it is imperative to digitalize trade. "We look forward to work with ADB, US and corporate partners of Bangladesh to implement the system."

Mursheda Zaman, joint secretary, Ministry of Commerce, , Md. Raich Uddin Khan, first secretary (Customs automation) National Board of Revenue, Muhammad Zahangir Alam, CFO Square Pharmaceuticals also spoke as panelist.



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