'South Asia: Corridor of Opportunities' conference: Ahsan urges professional accountants to build up public confidence

Minister for Planning, Development & Reform Ahsan Iqbal on Friday said that theme of Conference 'South Asia: Corridor of Opportunities' was quite appropriate in the context of new challenges being faced by the region's industry and economy. He was addressing the opening session of the two-day Conference 'South Asia: Corridor of Opportunities', being organised by the Institute of Chartered Accountants of Pakistan (ICAP) and South Asian Federation of Accountants (SAFA). Governor Punjab Malik Rafique Rajwana was the chief guest on the occasion while former governor State Bank Yaseen Anwar also expressed his views on this occasion.
Ahsan said the conference in its technical sessions would deliberate on issues of sustainable regional development and would redefine the role of accounting professionals towards meeting challenges and utilising opportunities that would lead to sustainable economic development in the country. He also said that professional accountants must take the lead in ensuring the quality, reliability, and credibility of financial and non-financial management information to build up public confidence.
He said he would like to take that opportunity to urge the professional accountants to broaden their outlook, understands the dynamics in which businesses would be operating in future, and respond suitably to demands of business organisation for the sustainable regional economic growth in the South Asian Region. Speaking on the occasion Governor Punjab Malik Rafique Rajwana emphasised the need for providing an enabling environment and confidence to the prospective investors in the local economy which was essential with the upsurge in Pakistan's economy.
He said with globalisation and constant changes in the world's economy, the organisation of such a gathering for exchange of views was the need of the day for future progress and success. He hoped the conference would provide a unique opportunity to renowned professionals and experts from around the region to discuss and debate the emerging economic problems faced by the world, particularly the region, and deliberate on possible solutions to the serious issues.
"Accountants can play a very effective role through their professional expertise in further improving the investment climate in the country. Although significant improvements have been made in financial and related disclosures, public trust in the work of professional accountants has to be further enhanced," he added. President SAFA Sheikh Naeem Akhtar also spoke on the occasion. He said the role of the accounting profession in a developing country was far more crucial and challenging than in a developed nation because of a series of problems - like lack of resources, heavy borrowing, and unplanned investment, high level of development expenditure and above all, lack of accountability.
"It is the responsibility of the profession to strive hard to provide order in this state of chaos and confusion. It has to provide systems, standards, procedures, tools and training to ensure transparency and accountability, ethical practices, corporate governance leading to a robust economic system and growth," added Naeem. He said a forum of highly competent professionals like ICAP had a significant role in leading the country towards development and out of economic dependence by providing assurance on financial reports, which were vital to the functioning of capital and credit markets and in helping to ensure the efficient use of public funds and resources besides other valuable services to the public and private sectors.
President ICAP Hafiz Mohammad Yousaf in his speech said the topic of the conference was extremely significant and vital for the long-term survival of the economies of the region and the accounting profession. Economic integration between South and East Asian countries is set to gain momentum, said President ICAP, adding that this will encourage enhanced cooperation between the two regions if the regional economy is adequately supported by cross-border infrastructure facilities, both hardware and software.
"A well planned regional infrastructure would not only reduce trade costs, but also encourage efficiency-seeking industrial restructuring. On the one hand, developing economic corridors are meant to fill regional infrastructure gaps, and, on the other, promote pro-poor socio-economic development. They help increase trade flows, create employment, and reduce poverty," Yousaf said. He stated that economic corridors primarily take advantage of under-utilised potential to ensure effective integration between industry and infrastructure. "This is a prerequisite for attracting investments into export-oriented industries and manufacturing, which leads to economic and social development," he added.