Competition regime key to economic growth

Speakers at a seminar on Sunday emphasised the importance of the competition regime for Bangladesh’s economic growth.

They said that all organisations should review their marketing arrangements, market position and policies so that they can take timely corrective measures or align their policies conforming to the new competition regime.

They made the recommendations at the seminar titled ‘Need for an Effective Competition Regime in Bangladesh’ organised by Bangladesh Competition Commission (BCC) in collaboration with Justicia Legal Minds at CIRDAP auditorium in Dhaka.

Commerce Minister Tipu Munshi was present at the seminar as the chief guest while State Minister for Planning Dr Shamsul Alam was present as the guest of honour and Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Md Jashim Uddin as the special guest.

BCC Chairperson Md Mofizul Islam presided over the event.

Tasnuva Shelley, Head of Chambers, Justicia Legal Minds delivered the keynote paper on the need for Competition Compliance Programme and sought cooperation from the businesses to make it part of their corporate culture.

The speakers said that every business should establish an effective compliance programme as the consequences of non-compliance may include costly and lengthy investigations and lawsuits, large fines, or penalties, and even imprisonment, and also damage to reputation and goodwill.

They explained that an effective competition regime is needed for a booming economy like Bangladesh and having an internal competition compliance programme is the way forward to be competition compliant.

The speakers added that basic economic theory demonstrates that when businesses compete for customers, it leads to lower prices, higher quality goods and services, greater variety, and more innovation.

The Competition Act, 2012 was enacted to promote competition, protect consumers’ interests, and detect or eliminate cartels. Bangladesh’s economic prosperity depends on a free market with fair and robust competition.

One of the key tasks of competition law is to protect the economy from such social loss and prevent the monopolists from restricting supply, the speakers said.

Over 100 participants from top and mid-level corporates, trade associations and legal professionals attended the seminar.