"The cost management is now a very necessary tool in competitive markets. It can play a significant role to flourish an institution at both local and international levels," he said while addressing the convocation of the Institute of Cost and Management Accountants of Bangladesh (ICMAB) at a city hotel.

Mentioning that Bangladesh will have to go far, the minister said, “We have to think more. Cost and management will help Bangladesh to continue its economic growth. We want development in every sector. So, it's needed now."

He said Father of the Nation Bangabandhu Sheikh Mujibur Rahman had dreamt of building ‘Sonar Bangla’ but he could not materialise it as he was assassinated.

Tipu Munshi further said Prime Minister Sheikh Hasina is working to fulfill the dream. “Now, everyone should work from one’s respective position. Ethical value and moral responsibility are needed for this."

Speaking as a special guest, Comptroller and Auditor General of Bangladesh Mohammad Muslim Chowdhury laid emphasis on skilled manpower to cope with the Fourth Industrial Revolution. “Now, we need skilled manpower for the country's economic growth. The demand for you will slump to zero and your certificates will be valueless if you can't cope with the 4IRs," he said.

Abul Barkat, president of Bangladesh Economic Association, presented the keynote paper while convener Mamtaz Uddin Ahmed delivered the welcome speech at the event with ICMAB president Abul Kalam Mazumder in chair.

Arif Khan, former president of the association and CEO & Managing Director of IDLC, was present while a total of 245 cost and management accountants took part in the convocation.