‘Market fairness can add 3% to GDP’

The Bangladesh Competition Commission (BCC) on Sunday said the country can enjoy a 2-3 percent economic growth by ensuring fair competition in all sectors.

BCC Chairman Md Abdur Rouf made the observation while addressing a seminar titled "Growth through Competition: Role of Bangladesh Competition Commission," held at the Economic Reporters Forum (ERF) auditorium in Dhaka. 

"There are many examples of countries' achieving GDP growth after implementing competition laws," Rouf said, adding: "The commission will ensure fair competition everywhere and also prevent seasonal monopoly of essential commodities, which drives their prices up."

Speaking at the event, Dr Abdur Razzaque, research director at the Policy Research Institute of Bangladesh (PRI), said if the government provides Tk200 more than the existing amount provided under social safety programmes, 16 million people can overcome poverty.

"However, the government has a plan to provide more money for social safety programmes within the next five years," he added.

He also opined that there is no fair competition in the consumer market for lower and middle-income groups.

"The commission should ensure that prices of essential commodities are reduced by 8 to 10 percent," Dr Razzaque recommended.

"Bangladeshi consumers have paid more than 70 percent, compared to global prices of consumer goods," the PRI research director mentioned in his keynote presentation.

Munir Chowdhury, former director general of the WTO Cell at the Commerce Ministry, said as Bangladesh is coming out of the of the least developed country status, ensuring fair competition is necessary for sustaining economic growth.   

Among others, commerce ministry acting Secretary Md Mofizul Islam, BCC Directors Md Khaled Abu Naser and Amir Abdullah Md Manjurul Karim, ERF President Saif Islam Dilal and Secretary SM Rashidul Islam, were also present at the event.