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September 16, 2019 - Effective market competition can raise GDP growth by 2-3pc: Experts
Effective market competition can raise GDP growth by 2-3pc: Experts

Effective market competition can raise GDP growth by 2-3pc: Experts

DHAKA:Experts on Sunday said that an effective market competition mechanism would reduce the country’s poverty rate and increase the gross domestic products by 2-3 per cent.

They, at a seminar on growth in competition and role of Bangladesh Competition Commotion, said that anti competition behaviour among market participants increased income disparity in the society and hurt poor people severely.

Bangladesh Competition Commotion organised the seminar at Economic Reporters Forum auditorium in the city.

Former head of the International Trade and Regional Cooperation Section at Commonwealth Secretariat Abdur Razzaque said that although Bangladeshi consumers paid 70 per cent higher than the international prices to buy goods in the domestic market, they were not getting quality products.

‘If competition is absent in the market quality products would not be produced,’ he said.

Razzaque said that there was no competition in the market in producing the items which were bought by poor and lower middle income people.

He said that Bangladeshi consumers were paying additional $14 billion per year to buy consumer goods and lower income group was the worst sufferer of the anti-competitive practice.

Bangladesh Competition Commotion chairperson Md Abdur Rouf said that if the competition was ensured, bad investment would be reduced and GDP growth would be increased by 2-3 per cent.

‘Our mandate is to ensure a conducive environment for economic activities in the country,’ he said.

Rouf said that the commission was working on ensuring consumers’ interest by preventing various types of malpractices including monopoly, oligopoly and cartel.

Acting commerce secretary Md Shafiqul Islam said that anti-competitive practice increased income inequality in the society and a large number of people were being deprived of the benefits of the economic growth.

Effective competition can play an important role to ensure a level playing field in the society by reducing income inequality, he said.

Former director general of WTO Cell under commerce ministry Munir Chowdhury said that an effective competition policy was important for the country to face the challenges of graduation from the least developed country.

He said that a better competition law could be a tool for getting post-graduation trade facility.

Former director of the Federation of Bangladesh Chambers of Commerce and Industry Manzur Ahmed, Bangladesh Competition Commission director Md Khaled Abu Naser and ERF president Saiful Islam Dilal, among others, spoke at the event.

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