Closer competition key to sustainable development: experts

Achieving the anticipated economic development set by the government is completely unattainable in absence of genuine competition in the market, according to Mofizul Islam, former chairperson of the Bangladesh Competition Commission (CCB).

He made this comment at a discussion, styled "Market Syndicate and Bangladesh Competition Commission", organised by the International Business Forum of Bangladesh (IBFB) at its conference hall in Dhaka yesterday.

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Islam said there is no alternative to creating a competitive environment to see sustained economic growth while building the CCB's capacity is essential for fulfilling consumers' expectations.

MS Siddiqui, vice-president of the IBFB, said there need to be more producers and sellers in the country to turn its economy into a competitive one.

Siddiqui then said that unfortunately, no complaints from the consumer level are filled with CCB for judgment.

While presenting the keynote, Mohd Khalid Abu Naser, a former CCB director, said cartel operations should be minimised to give consumers the benefit of a competitive market.

"If CCB enforcement could be ensured, cartel activities could be stopped and this way, 80 per cent of the market would be sound and competitive," he added.

ABM Hamidul Mishbah, an advocate of the Supreme Court, emphasised on reducing the dominance shown by big players in the market.

In the presence of influential players, product innovation and diversification are not possible.

So, awareness needs to grow among consumers about CCB activities, he added.

Tasnuva Shelly, head of chambers at Justicia Legal Minds, said "cartels" are lawful in some cases even though they have negative impacts on the economy.

Humayun Rashid, president of the IBFB and CEO of Energypac Power Generation Limited, said there must be proper market competition in order to maintain the progress of Bangladesh's economic development.

Salma Akhter Jahan, a member of the CCB, said the market watchdog requires more skilled manpower to speed up its activities.