Hiring local management consultants can save foreign exchange, boost earnings: IMCB

Engaging locally certified management consultants for major public and private sector projects can significantly conserve foreign exchange while strengthening the country’s professional services export potential, said leaders of the Institute of Management Consultants Bangladesh (IMCB).

Speaking at a “Meet the Press” event held on Sunday at a hotel in Dhaka ahead of its upcoming Annual Convention, IMCB leaders also emphasized that Bangladeshi consultants are already contributing to global assignments and earning foreign currency, demonstrating their international competitiveness.

IMCB President Nadeem A. Chaudhury, Chairman M Zakir Hossain, and Head of the Advisory Committee Prof. Dr. Abdur Rab addressed the media, highlighting both policy challenges and future reform priorities for the sector.

The leaders criticized what they described as persistent fee disparities in consultancy procurement, arguing that foreign consultants are often paid significantly higher fees than local professionals despite offering similar qualifications and expertise. They said this practice leads to unnecessary outflow of foreign exchange. “We strongly oppose this discrimination in remuneration. Local consultants with equivalent credentials must be given fair opportunities and compensation,” IMCB President Nadeem A. Chaudhury said.

The IMCB leadership announced plans to intensify engagement with both public and private sector recruiters to address this imbalance and promote policy reforms aimed at prioritizing domestic expertise and reducing reliance on costly foreign firms.

Highlighting institutional achievements since its establishment in 1997 under a Ministry of Commerce license, IMCB leaders noted that the organization holds permanent membership in the Switzerland-based International Council of Management Consulting Institutes (ICMCI), which spans 52 countries.

They said this affiliation enables IMCB to award the Certified Management Consultant (CMC) designation in Bangladesh, ensuring that local professionals meet internationally benchmarked standards of ethics, competence, and professional conduct.