‘Economic growth would be hindered without market competition’

Former chairperson of Bangladesh Competition Commission Md Mofizul Islam said the expected economic growth would not be achieved if 'we can’t create competitive environment in the market'.

“If the market gets concentrated, everyone would suffer. There would no new investment, job creation and innovation if the market gets stagnated. As a result the economic growth would not be sustainable," Mofizul observed.

He said the government had a good motive to create competitiveness in the market by initiating competition commission but its one of the main challenges is enforcement of the law.

He also referred to a newspaper report that 70 to 80 per cent of politicians are businessmen, indicating that might be a challenge.

The challenge which will come up after the LDC graduation should be addressed by capacity building and creating competitive environment right now, otherwise the economic growth will be affected, he cautioned.  

International Business Forum of Bangladesh (IBFB) organised the roundtable discussion styled “Market Syndicate and Bangladesh Competition Commission” held in the city on Tuesday.

The speakers in the discussion also emphasized on the need for monitoring the market properly for sake of the consumers.

Bangladesh Competition Commission’s former director Khalid Abu Naser presented a keynote paper. He said that Consumer Association of Bangladesh (CAB) can sentisise people about countervailing power of consumers to fight market cartel. The consumers can refrain from buying certain goods and use alternatives when the products get overpriced, he added.

As the chief guest, BCC member Salma Akhter Jahan said BCC needs more resources and skilled manpower to do its tasks.

Saudia Khan, a vice president of IBFB, during her vote of thanks said people has no idea about what BCC does and urged the authorities to reach more people.

“Although I do business in the country for 18 years, I know nothing about Bangladesh Competition Commission and I think this is the case for most of the people. Most of the people do not seem to know about existence of such an entity. You must work to get your organisation known to the people,” she said.  

Legal economist and IBFB vice president MS Siddiqui said more producers and sellers are required to make the economy competitive.

Supreme Court lawyer ABM Hamidul Misbah pointed out in the commission that there should be a balance between administrators and legal and economic experts.

Supreme Court lawyer Tasnuva Shelly said ‘cartel’ is lawful in some cases though it has negative sides in economy.

Former chairman of National Board of Revenue Muhammad Abdul Mazid, former secretary Anwar Faruque, Runner Group chairman Hafizur Rahman Khan, Meghna Group’s general manager Kazi Muhiuddin, among others, spoke at the event.

IBFB president and managing director and chief executive officer of Energypac Power Generation Limited Humayun Rashid presided over the session.