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Cartels by big companies should be minimised to give consumers the benefit of a competitive market. If the Bangladesh Competition Commission (BCC) becomes more active 80 per cent of the market would be competitive.
Experts came up with the observation at a seminar, titled “Market Syndication and Bangladesh Competition Commission”, organised by International Business Forum Bangladesh (IBFB) at its office in the capital on Tuesday.
Mohd Khalid Abu Naser, former BCC director, presented the keynote at the seminar addressed by senior officials of IBFB and BCC.
They said developing a competitive business environment would be the key to sustaining global trade after the country’s graduation from the LDC in 2026.
BCC former chairperson Md Mofizul Islam said a competitive environment in the business should be ensured long before the LDC graduation in 2026 as it only could assure market-concentrated jobs followed by rapid economic growth.
He said the BCC has started working since 2016 and it has enough power but lacks random enforcement.
Naser said bid rigging by contractors in the public works has been forcing the government to spend an additional 30-40 per cent which ultimately is raising the implementation cost of development projects.
Supreme Court lawyer Tasnuva Shelley said one of the important issues is that we have to first define the market itself in a complex trade era to get more efficient results from BCC.
She also said some cartels like making life-saving drugs or vaccines by many companies should also be considered as positive cartels which should be welcomed.
