Regional economic challenges: preparation of new regulatory financial framework stressed

Accounting professionals and financial experts from the South Asian countries urged the authorities concerned to prepare a new regulatory financial framework to address regional economic challenges.
The professionals and financial experts from Pakistan, India, Bangladesh and Sri Lanka were gathered at an international conference, organised by the Institute of Cost and Management Accountants of Pakistan (ICMAP) at local hotel here on Saturday.
They said the authorities concerned should also take concrete measures to meet the financial and economic challenges to minimise the impact of global financial crisis. In his welcome address, president ICMAP Hasan A Bilgrami highlighted the importance of corporate finance in the business development and long-term stability.
Muhammad Hanif Ajari, vice president ICMAP through his presentation stressed the need of superior supply chain management for competitive advantages. He said the supply chain should also be linked with corporate finance for global competition.
Meanwhile, president South Asian Federation of Accountants (SAFA) A N Raman termed the impact of global crisis in South Asia and the impediments to the implementation of economic initiatives as major economic challenges.
He said the South Asian countries should concentrate on improving connectivity and removing infrastructure bottlenecks, developing networks in export-oriented sectors like textiles and garments, identifying and removing non-tariff barriers in the region. He also underlined the need for revisiting the business model to meet the economic challenges of South Asia.
Later, Muhammad Rafi, vice president SAFA and chairman CPD committee of ICMAP, informed about the selection of the theme of International Conference and the vital contribution that the SAFA countries can make in meeting the regional financial and economic challenges. Large number professionals were present on the occasion.