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Developing a competitive business environment will be the key to sustainability of the global trade after the country's graduation from the LDC (Least Developed Country) status in 2026, experts observe at a seminar on Tuesday.
They also viewed that syndication (cartel) in business and bid rigging in public works are two major causes for consumers' sufferings as well as unnecessary expenditure of the government in public works.
The seminar titled Market Syndication and Bangladesh Competition Commission (BCC) was organised by International Business Forum Bangladesh (IBFB) at its office in the city.
BCC former chairperson Md Mofizul Islam said competitive environment in the business should be ensured long before the LDC graduation in 2026 as it only could assure market concentrated jobs followed by rapid economic growth.
He added the BCC has started working from 2016 and it has power enough but lacks random enforcement.
Former NBR chairman Dr Abdul Mazid also echoed enforcement of law as a challenge adding flexibility for businesses is also needed for desired economic growth.
BCC member Salma Akhter said the Commission has a lack of skilled necessary manpower which is a great challenge for enforcement of law.
Mohd Khalid Abu Naser, former BCC director, presented the keynote paper which said cartel by biggies should be minimised to give consumers benefit of a competitive market.
If BCC's law enforcement could be ensured, such a cartel could be stopped and this way 80 per cent of the market would be sound and competitive, the keynote paper adds.
Mr Naser said bid rigging (cartel by contractors in government works) in the public works have been forcing the government to spend 30-40 per cent additional, thus raising costs.
He added nearly 1.0 per cent of the GDP or US$ 4.6 billion could be saved by minimising 70-80 per cent rigging by contractors.
Supreme Court lawyer Tasnuva Shelley said, "One of the important issues is that we have to first define the market itself in a complex trade era for more efficient results from BCC."
She also said some cartels like making lifesaving drugs or vaccines by many companies should also be considered as positive cartels and be welcomed.
Runner Group chairman Hafizur Rahman Khan said laws should not be enacted only to save inefficient units.
Big companies and brands will lead the market and it is reality and this way socio-economic development could be ensured.
IBFB president Humayun Rashid chaired the event while former Agriculture Secretary Anwar Faruq, IBFB Vice President MA Siddiqi, Supreme Court lawyer ABM Hamidul Mishbah, Meghna Group general manager Kazi Mahiuddin and economic analyst Md Mazadul Hoque also spoke, among others.
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