Stakeholders stressed breaking business monopoly and oligopoly, strengthening market structure, and amending laws to ensure price-competitiveness to protect people from unaffordable prices.
As such views were vented at a meet organised Sunday by Bangladesh Competition Commission (BCC) amid price rises-seen unusual in many cases, despite a global crunch-two ministers attending it agreed on urgency of price-control mechanisms for a sound market run.
The speakers called for implementing an effective competition-compliance programme for every business entity internally, as consequences of non-compliance may include costly and lengthy investigations and lawsuits, large fines, or penalties, and even imprisonment.
If healthy market-competitiveness is ensured, the market can stabilise easily and prices of commodities can be reduced substantially, they noted, urging the seemingly dormant Competition Commission to solidify their market monitoring and enforcement.
The commission hosted the seminar on 'Need for an effective competition regime in Bangladesh' at a hotel in the capital, Dhaka, in collaboration with Justicia Legal Minds.
Commerce Minister Tipu Munshi attended the function as chief guest, with Md Mofizul Islam, chairperson of BCC, presiding.
State Minister for Planning Prof Shamsul Alam joined the function as guest of honour while Barrister Tasnuva Shelley, head of chambers at Justicia Legal Minds, presented a keynote paper.
Commerce Minister Tipu Munshi underlined the need for protecting "customer interests through market control and monitoring".
He emphasised the need for competition regime in the country towards a greater goal of its sustainable economic growth.
Mr Shamsul Alam said the role of the government is to ensure a level playing field for the market through curing the ills.
"Some laws related to market control should be reformed reshuffling the provisions of punishment," he adds.
The chief of the competition commission, Mr Mofizul Islam, thinks the "prices of essentials can be cut by 15 per cent to 20 per cent if market-competitiveness is ensured".
Barrister Tasnuva Shelley stressed the need for competition-compliance programme and expected cooperation from the businesses in making it part of "corporate culture to do business in a successful way".
Attending the meet as a special guest, President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Md Jashim Uddin also emphasised the importance of market-competitiveness in the country "in greater interest of the economy".
Nasreen Begum and G.M Saleh Uddin, Members, Bangladesh Competition Commission, showed their visible commitment and support to a "culture of competition compliance".
The purpose of this seminar is to help businesses and professionals in Bangladesh. The Competition Act 2012 was enacted to promote competition, protect customers' interests and detect or eliminate cartels.
Over 100 participants from top-and mid-level corporates, trade associations and legal professionals attended the seminar held at a time of unabated price rises, generally under the influence of a global dearth following the pandemic and the Russia-Ukraine war and, as reported, price fixing by a section of big businesses on the domestic market.
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