On behalf of the Golden Jubilee Celebration Steering Committee, it is my distinct honour to add my voice to that of DCCI President Hossain Khaled in welcoming you all to this Conference.

When we chose the theme of this Conference, we did not anticipate that it would be held at a time when the world would be facing the fallouts of a financial meltdown. Now the evolving circumstances have given a different sense of urgency to this conference

In this backdrop, I would like to briefly share with you my perspectives on three issues: the current financial crisis and its impact on the real economy, the emerging role of Asia, and the possible niches for countries such as Bangladesh.

Ladies and Gentlemen

We are told that globalization has the potential to benefit all people, not just a fortunate few. We are told that it can provide a conduit to a better life, and deliverance from poverty and despair.

Sadly, the reality of the international system today does not match the rhetoric.

The global rules are negotiated by a select few, with too much protection for special interests, underpinned by too many broken promises. Weakly regulated financial markets have become prey to the self-serving actions of a limited few. And, the lives and livelihoods of hundreds of millions around the globe are adversely affected.

Consequently, the real economy has received a tremendous systemic shock. The credit crunch has hit both manufacturers and consumers. Businesses can no longer rely on so-called sophisticated financial instruments. Reduced spending by consumers will depress demand and create a vicious cycle in which manufacturers cut back even further, with consequent job cuts.

The financial carnage continues to rage across continents. I do not know when we will get out of the recession (I dare not call it a depression). I am certain that a new global financial architecture will soon be on the way to protect the world against such financial tsunamis.

Ladies and Gentlemen,

Our Conference’s focus is on Asia.

Asia is the new centre of gravity of the global economy.

Does this crisis also provide an opportunity for Asia? For some time, the world has been closely observing the Asia-Pacific region for trade, investment and finance. For instance, the reserves built from oil revenues or export earnings in Asia have led to sovereign funds in excess of US$ 2.5 trillion. In the cash-starved scenario, these funds are eagerly sought after. Quiet deals are being made.

Asia with its huge markets will clearly have a role in this changing global financial landscape. Asia should not be a passive bystander. It should project its influence on any initiative to give shape to a new global financial architecture.

Ladies and Gentlemen,

Bangladesh, with its economy in transition, has weathered many challenges, emerging even stronger from the experience of each.

During last year alone, we have faced two major floods, and cyclone Sidr. Many predicted food crises and famines. We were able to recover from these natural disasters, and achieve growth rates that have been commendable. Our resilience as well as our capability is well recognized.

Against all odds, and despite inadequate supportive infrastructure, our private sector has matured and has become globally competitive. Entrepreneurs have been investing in new industries, while strengthening existing product lines. They have taken risks with their capital, and have gone boldly forward in the “brave new world”.

Now, we face this man-made financial crisis. While not being a beneficiary of the financial schemes that have gone bust, we are none the less facing potentially grave consequences. These include fall in export revenue, private capital flows including remittances and foreign aid. I have no doubt that we will overcome this challenge, too.

I have high hopes for our future.

Ladies and Gentlemen,

It is my belief that destiny has given a role to Asia in this turning point of the world financial and trading regime. And, within this broad canvas, countries such as Bangladesh will have to secure their niches.

I look forward to two days of intense discussions which is expected to focus on these and related issues, and I wish we shall have a grand Conference!

Before I conclude, may I say thank you Honb’le Chief Adviser, Advisers, Dr. Supachai, DCCI President, Members of DCCI Board, my colleagues in the Steering Committee, Members of the staff of DCCI and the distinguished delegates for helping this Conference to happen.

Allah Hafez

Dhaka

October 31, 2008