May 9, 2024 (MLN): Dr. Kabir Ahmed Sidhu, the Chairman of the Competition Commission of Pakistan (CCP) on Thursday informed the the IMF Resident Representative in Pakistan, Esther Pérez Ruiz of the establishment of a Market Intelligence Unit (MIU), marking a transition from reactive to proactive enforcement to increase efficiency in markets.
The IMF Resident Representative in Pakistan, visited the CCP and met with Chairman CCP, to discuss matters of mutual interest.
During the meeting, Dr. Sidhu briefed Ruiz on CCP's ongoing initiatives aimed at policing cartels to enhance competition, aligning with the Government of Pakistan's policies for sustainable economic growth.
The Chairman emphasized the critical role of taxation, remittances, and exports in attracting foreign direct investment, noting that market competition plays a vital role in this regard.
He pointed out that for Pakistani products and services to compete effectively in international markets, a competitive environment is essential.
The Chairman also highlighted that inefficiencies arise when there is a mismatch between demand and supply, and it is society that ultimately bears the cost of such inefficiencies.
CCP has a major role to curb the cartels and concerted, collusive practices in order to bring efficiency.
Simultaneously, reviewing legal and regulatory frameworks in various sectors of the economy is another priority area for the CCP for promoting competition, said Dr. Sidhu.
Esther Pérez Ruiz underscored the significance of competition in driving exports and attracting foreign direct investment (FDI). The IMF representative further assured support for capacity building for enabling economic growth.
The meeting between Ms. Ruiz and Dr. Sidhu signifies a continued dialogue between international organizations and Pakistani authorities to promote economic stability and growth through fair competition practices.
