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Healthy competition can raise GDP by at least 2 pc


Published : 15 Sep 2019 08:49 PM | Updated : 06 Sep 2020 12:58 AM

Country's GDP is possible to increase by at least 2 percent through proper implementation of the 'Competition Act'. The Act, enacted in 2012, can help improve standard of life of people through a healthy competition, speakers recommended this at a seminar on Sunday. Citing examples of countries that have already achieved 2-3 percent GDP growth, the speakers said that the health competition act largely contributed for the economic development.

Economic Reporters Forum (ERF) and the Competition Council jointly organised the seminar at the ERF conference room at Paltan in city. ERF President, Saif Islam Dilal presided over the seminar while Chairperson of the Commission, Mohammad Abdur Rouf, Director, Mohammad Khaled Abu Naser, Labour and Development Economist, Dr Abdur Razzak, DG, WTO Cell and Additional Secretary of Ministry of Commerce, Munir Chowdhury, Consultant of FBCCI, Mohammad Manjur Ahmed also spoke on the occasion.

While addressing, Abdur Rouf said Bangladesh has framed the law in 2012, and the commission has been formed to implement the law in 2016 but some administrative works are yet to be completed, besides, work is on to build up relationship with some international organisations.

"The commission works for creating a sustainable economic environment in the country, enhancing overall life standard of people and to improve the quality of products through healthy competition among the manufacturers," Rouf said. He recommended to ensure fair prices of commodities ensuring healthy competition, where mass media can play a vital role.

DG, WTO cell, Munir Chowdhury said, “Bangladesh is gradually graduating out from the list of least developed countries, so the bodies like competition commissions have to be further strengthened to get the benefits of economic development. Speakers said the commission has been given magistracy power, so it can summon people to the hearing, inspect and scrutinise information on cases.