Role of CMAs crucial to reduce cost of business: Tipu Munshi

Commerce minister Tipu MunshiFile Photo

Commerce minister Tipu Munshi on Sunday said that the role of the Cost and Management Accountants (CMAs) is vital to reduce the cost of business, minimise wastage and mismanagement of resources, BSS reports.

The minister also said that under his ministry, this efficient CMA workforce is playing a vital role in fostering the economic growth of the country.

Tipu Munshi said this while addressing as the chief guest at the 24th Convocation of the Institute of Cost and Management Accountants Bangladesh (ICMAB) held at a hotel in the capital.

Tapan Kanti Ghosh, senior secretary, Ministry of Commerce graced the occasion as special guest while comptroller and auditor general of Bangladesh Mohammad Muslim Chowdhury delivered the convocation speech.

The commerce minister noted that Bangladesh is on the right track and it has achieved the status of a developing nation under the visionary leadership of prime minister Sheikh Hasina.

He further said that the world has been going through a crucial time facing challenges one after another over the last few years after the devastating Covid-19 pandemic.

“The Ukraine-Russia war makes us compelled to face another challenge. It can be said that the business community has been facing challenges especially. So, efficient human resources like CMAs’ role in reducing the cost of running business is crucial,” he added.

Tipu also hoped that the students and members of the institute would apply their knowledge and skills positively for the achievement of sustainable economic development of Bangladesh.

The convocation speaker Mohammad Muslim Chowdhury, in his speech, said that CMAs possess profound knowledge and that can identify weaknesses of companies and recommend remedies to recover from them to make the companies profitable.

Professional expertise and skills are always stepping ahead in the performance of any organisation, whether it is in public or in private sectors. The qualified CMAs have been performing their due role in achieving the organizations’ goals.

Their undoubted contribution with their knowledge and expertise they have gathered from ICMAB will come into action in the development process of the country, Chowdhury added.

Speaking as special guest, Tapan Kanti Ghosh said that it is a matter of pride that, as a professional accounting body under the administrative control of the Ministry of Commerce, ICMAB has been playing a crucial role in preparing the professionals who play the key role in corporate and public bodies.

He also said that at the time of the pandemic, these accountants made their remarkable contribution to keep the financial condition of the organisations stand-high, which helps the country to stay on the right track.

Tapan believed that Bangladesh’s economy would be highly benefited by the guided services of these professionals. He expected that ICMAB would continue its existing efforts of supplying qualified and efficient human resources with a high level of professionalism to transform Bangladesh into a developed nation.

ICMAB president Abdur Rahman Khan said that ICMAB’s vision is fully aligned with the vision of Bangabandhu Sheikh Mujibur Rahman and prime minister Sheikh Hasina to help Bangladesh become an industrialised nation.

The professional knowledge and skills of CMAs will definitely assist Bangladesh to meet the SDGs by 2030 and thus become a developed and SMART nation by 2041. The Cost and Management Accountants’ service in this respect is unparalleled.

In order to face the challenges of globalisation and the rapid growth of Bangladesh’s economy, the ICMAB president said the country is in need of competent accounting professionals and the Institute is very much committed to producing such professional accountants from its very inception.

Tipu Munshi handed over the certificates to 486 CMA degree holders on the programme. A total of 13 students received awards in 14 categories.

Mohammed Salim, former ICMAB president and convener, ICMAB Convocation 2023 gave the welcome address while Md Kausar Alam, secretary, ICMAB offered the vote of thanks.