Foundational institutions ‘systematically destroyed’ in 15 years: Adviser Bashir

Foundational capabilities of the country's institutions have been systematically destroyed over the past 15 years, both in the public and private sectors, said Commerce Adviser Sk Bashir Uddin today (20 May).

The consequences include failure of institutions like the Bangladesh Competition Commission in ensuring fair competition and the fair practices in business that cost consumers and benefited the cronies of the regime, he said while speaking as chief guest at a seminar titled "Competition Policy in Bangladesh: Prospects, Challenges and the Way Forward."

"Consumers were taxed heavily, the cronies kicking out smaller and fair competitors, without paying applicable taxes," he said, adding that "it almost had collapsed the Bangladesh economy, hindered development of the domestic industries."

After that period, the interim government faced immense challenges and following many effective measures now it shows improvement, said the adviser.

He emphasised a fair business environment to protect consumers, businesses by strengthening the Competition Commission to curb inequality.

Economist MA Razzaque, chairman of Research and Policy Integration for Development, in his keynote said the Competition Act 2012 did not ensure independence and accountability, effectiveness of the competition commission.

For instance, the commission has to bow down to government instructions and seek approval for its actions, he said. "The law itself needs changes to reform the structure and enhance the effectiveness of the commission."

A wide range of participants including diplomats, development partners, government officials, businessmen, academicians, and consumer rights groups spoke to outline how a weak competition commission hurt the consumers and fair businesses.

The seminar was jointly organised by the Bangladesh Competition Commission and the United Nations Development Programme.