ICC-B President Mahbubur Rahman and FBCCI President A K Azad handing over a crest to Latifur Rahman at the reception Sunday. — FE Photo

The countrys leading chambers and associations Sunday accorded a reception to Latifur Rahman, chairman and chief executive officer of Transcom Group, for becoming the first Bangladeshi to win the prestigious Oslo Business for Peace Award for ethical business practices.

The countrys top 17 chambers and trade associations accorded the reception to Mr. Rahman, who is currently the vice-president of International Chamber of Commerce-Bangladesh (ICC-B), at Radisson Hotel in the city.

On May 7 he won the award, which is the highest distinction given to businesspeople for outstanding accomplishments in the area of ethical business.

An independent committee of the Nobel Prize winners in peace and economics selects the recipients on the basis of being businessworthy.

The recognition has included Latifur Rahman in the group of outstanding business personalities like Ratan Tata, chairman of Tata Group in India, who bagged the award in 2010, and Jeffrey R Immelt, chief executive of General Electric in the US, who won it in 2009.

Launched in 2009, the Business for Peace Foundation of Oslo, Norway believes that socially responsible and ethical initiatives should not be merely window dressing, but must stand the test as business cases, and gradually, as the moral culture of corporations matures, will constitute an integrated part of modern business.

In a pre-recorded interview Nobel Laureate Prof Muhammad Yunus said the winning of Peace Award by Latifur Rahman is a matter of great pride for Bangladesh.

“In the Transparency Internationals list of corrupted countries, Bangladesh always comes on the top. Latifur Rahman has won the award under this circumstance through competition.”

“It gives us comfort and a ray of hope. His achievement will remain as an example for the countrys businesspeople,” said the Grameen Bank founder.

International Chamber of Commerce-Bangladesh (ICC-B), Metropolitan Chamber of Commerce and Industry (MCCI), Dhaka, Chittagong Chamber of Commerce and Industry (CCCI), Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Bangladesh Textile Mills Association (BTMA), Bangladesh Association of Publicly Listed Companies (BAPLC), American Chamber of Commerce in Bangladesh (AmCham), Japan-Bangladesh Chamber of Commerce and Industry (JBCCI), Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), Dhaka Chamber of Commerce and Industry (DCCI), Foreign Investors Chamber of Commerce and Industry (FICCI), Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), Bangladesh Association of Banks (BAB), Bangladesh Insurance Association (BIA), Canada Bangladesh Chamber of Commerce and Industry (CanCham), Bangladesh-Thai Chamber of Commerce and Industry (BTCCI), and Bangladesh Aushad Shilpa Samity (BASS) organised the reception.

ICC-B President Mahbubur Rahman said the aim of the Business for Peace Foundation is to increase the awareness of the business people about the strength of the ethical business, and thus inspire them to help foster peace and stability through their work and businessworthy behaviour.

“We consider this award is not for Latifur Rahman, but also for the whole business community of the country.”

He said Transcom Group, considered to be one the largest conglomerates of Bangladesh, has adhered to ethical and responsible business practices. The Group is one of the highest contributors to the public exchequer in the form of corporate tax and VAT as well as import duty, with a clean bank record. Members of the Group also adhere to labour standards and industrial laws.

He said Transcom, originated with tea plantations, now comprises 16 private and public companies, having an annual turnover of over Tk 27.50 billion and employing over 10,000 people.

FBCCI President A K Azad said: “Following the May 7 achievement, Latifur Rahman is not only the chairman of the Transcom Group, but also of the countrys entire business community.”

He urged the government to pass a motion in the parliament, congratulating Latifur Rahman.

Latifur Rahman in his speech said he is overwhelmed by the reception his peers in the business community have accorded him.

He said there is potential for Bangladesh to achieve one or two percentage points more growth in gross domestic product (GDP), if the country can ensure stability in some sectors like infrastructure.

“It is in our hands, the abilities are there.”

Rahman also said nurturing ethics and standards in the business also makes good business sense. “If you want to succeed in businesses you will have to set up your businesses on some certain foundations.”

He said Bangladeshi businesses would have to maintain the same standards as a global business maintains, no matter whether they operate in Bangladesh, Singapore, the United States or Norway.

Chairman of Centre for Policy Dialogue (CPD) Professor Rehman Sobhan, noted lawyer Dr Kamal Hossain, former finance minister M Syeduzzaman, former caretaker government adviser Manzur Elahi, distinguished fellow of CPD Debapriya Bhattacharya, chairman of ACI Group Anis Ud Dowla, and Canadian High Commissioner to Bangladesh Hither Graham, DCCI President Asif Ibrahim, FICCI President Syed Ershad Ahmed, BGMEA President Md. Shafiul Islam Mohiuddin, BKMEA President A K M Salim Osman, BTMA President Jahangir Alamin, BASS President Salman F Rahman, BAPLC Chairman Tapan Chowdhury, AmCham President Aftab ul Islam, and CanCham President Masudur Rahman were also present on the occasion.