Government and non-government agencies should share data on market situation to create ‘competitive environment‘ for sustainable business, experts said.
They also underscored the importance of formulating ‘Competition Policy“ to foster economic growth in the country.
Competition Commission Bangladesh (CCB) Chairperson Mofizul Islam was present as chief guest while former Bangladesh Bank governor Prof Atiur Rahman presented the keynote paper in the meeting. Professor Enamul Haque of economics department at East West University made the address of welcome.
The government will formulate competition policy ‘very soon’ to bring transparency in business and make market sustainable, the competition commission chief said.
Mofizul Islam, also a senior secretary, mentioned that the gross domestic product would increase by at least 2 percent if the Competition Act, 2012 is properly implemented. He said the government is working together with all stakeholders in the market management to formulate a prudent policy and make the business environment sustainable.
Focusing on importance of transparency in public and private agency data, Prof Atiur Rahman mentioned that public and private agencies should utilise technology in data management to provide support to researchers for formulating policy according to the market demand.
“Around 80 percent of the country’s workforce is engaged in informal economy. The authorities should promote smaller initiatives through easy entry access to the market to tap the potentials of the informal economy in the country. The Competition Commission can play a vital role in promoting new entrepreneurship for fostering economy towards sustainable development,” Prof Atiur explained in keynote.
“There is no alternative to promoting new entrepreneurship to foster economic growth collectively. But we found reverse situation as the entry of new businesses is not satisfactory with the growing trend of economy,” Prof Enamul added.
Bangladesh Institute of Development Studies (BIDS) Senior Research Fellow Nazneen Ahmed recommended exchanging ‘soft data’ among public private agencies to make pro-people policy for making the market sustainable.
Bangladesh Tariff Commission member Mostofa Abid Khan recommended setting up of an independent commission to supervise market for checking commodity price.
“The local and exported product ratio of the daily commodity is 60 percent and 40 percent respectively. However, we found that the market price became unstable within hours of any restriction announcement from the suppliers of imported products,” Dr Abid said.