December 05, 2024 (MLN): The Competition Commission of Pakistan (CCP) has hosted a media workshop to commemorate World Competition Day, bringing together senior journalists from print and electronic media, said a press statement issued today.
The event aimed to foster awareness about the role of competition in promoting economic fairness and sustainability.
Dr Kabir Sidhu, Chairman of CCP, underscored the critical importance of fostering healthy competition and creating a level playing field across various sectors. He emphasized that unchecked market practices such as cartels and monopolies harm the economy by concentrating wealth in the hands of a few, thereby undermining equitable growth.
He stressed that the CCP plays a crucial role in guiding government policies to steer the economy in the right direction. "The only sources of revenue are exports, taxes, and remittances. If businesses can't compete domestically, how can they compete internationally" he said.
He also noted that competition drives innovation and efficiency, leading to better services, products, and more exportable goods.
CCP is focusing on reviewing the legal and regulatory frameworks in the energy and services sectors to remove entry barriers and protectionist policies.
Dr Sidhu also referred to global examples from the UK and the US, where market developments took considerable time to unfold. "Similarly, Pakistan is at a developmental stage, and it will take time and effort to fully implement effective competition policies," Dr Sidhu remarked, adding that the Constitutional Bench could expedite the legal process.
He emphasized the need for collaboration between the media, government, and public in fulfilling the CCP’s mandate against anti-competitive conduct.
While acknowledging that Pakistan’s competition landscape is evolving, he stressed that continued support from all stakeholders is crucial in fostering a healthy competition regime.
The CCP officials provided a detailed briefing on ongoing inquiries and shared sample case studies from the sugar, automobile and cement sectors.
They also highlighted encouraging updates on Foreign Direct Investment (FDI) attracted through merger clearances and acknowledged the significant support extended by the Ministry of Law, Ministry of Finance, the Supreme and High Courts.
Journalists raised pertinent questions regarding the CCP’s challenges in enforcing Competition Law, particularly the persistent backlog of cases in higher courts.
CCP officials provided comprehensive responses to the queries raised by the media representatives.
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Posted on: 2024-12-05T20:58:07+05:00
