In order to improve the country's GDP growth, which is presently revolving around 2 to 3 percent, the government has to make all out efforts to increase trade relations with Asian developing countries.
These views were expressed by several speakers at 3rd CFO conference "scaling new heights, facing new challenges" organised by the Institute of Chartered Accountants of Pakistan (ICAP), held at local hotel here on Tuesday.
Speakers were Saqib Masood, President ICAP, Roger Tabor, Zaffar A. Khan, Ruhail Mohammad, Samee-ul-Hassan, Simon Padgett, Haroon Waheed, Khalilullah Sheikh, Badar Khushnood and Zahid Iqbal Bhatti.
In his opening address, Saqib Masood said the finance department could be termed as the backbone of any organisation and the CFO is the key to unlocking the complete and bigger picture. He said the CFO is expected to manage the financial health of an organisation, foresee, place and mitigate the future risks.
"Perhaps the greatest aftermath of the recession is for the CFO's, as the general public now expects more than just reporting of financial statements," he maintained.
Moreover, he said the economic crisis left the finance function stretched by additional responsibilities and rapidly changing market dynamics require nimble operations to quickly adapt to new business realities.
Roger Tabor, chair, professional accountants in business committee IFAC in his presentation highlighted the contribution and aspects of professional accountants for sustainable organisational success.
Zaffar A. Khan, former CEO Engro and Chairman PTCL, KSE and PIA discussed the role of CFO's as future directors. He also informed the audience; how finance professionals in Pakistan could groom themselves to become CFO's and then moving on to become directors on the board contributing towards the success of their organisation.
He further said the presence of CFO's on the board could enhance corporate governance and performance.
In a panel discussion: 'Conversation with Industry Leaders - Expectations & Perceptions Of 2011 Outlook", headed by M A. Aleem, CEO Overseas Investors Chamber of Commerce and Industry, Naseeem Beg, CEO, Arif Habib Investments, Syed Asad Ali Shah, member, IFAC board and Zafar Iqbal Sobani, CEO, Liberty Power Tech, highlighted the key factors that would drive growth of the industry next year.
Later, other speakers at CFO conference talked about current fraud trends, management of financial issues of a company in crisis, measure and track the business, etc. A large number of ICAP members were also present.