Robust competition framework vital for economic growth: Dar

ISLAMABAD: The Deputy Prime Minister and Federal Minister for Foreign Affairs, Ishaq Dar stressed that a robust competition framework is vital for economic growth, fostering innovation, and attracting both domestic and foreign investment.

In a meeting with Deputy Prime Minister Ishaq Dar, Dr Kabir Sidhu, Chairman of the Competition Commission of Pakistan (CCP), briefed him on initiatives undertaken to enhance the effectiveness of the Commission in enforcing competition laws. These efforts focus on identifying cartels, market abuse and manipulation and the abuse of dominant position.

Dar commended CCP’s proactive approach in resolving long outstanding cases in the courts. He called on the Commission to intensify efforts against cartels and price manipulation, which harm consumers and distort markets. He assured CCP of the government's continued support in ensuring transparency and fairness.

Dr Sidhu apprised the Deputy Prime Minister of the establishment of a Market Intelligence Unit, designed to monitor market trends and swiftly identify anti-competitive behaviours such as price manipulation, cartel formation, and other unfair practices. Since its inception last year, the unit has identified over 150 cases using advanced data analysis and media monitoring tools.

Additionally, the Commission has strengthened its litigation departments, ensuring more effective follow-up on court cases. This proactive approach has led to the resolution of 69 cases in the past 12 months, recovering penalties worth PKR 100 million. The CCP is also in the process of establishing a Centre of Excellence to promote research and scholarship and improve collaboration with both domestic and international academics.

Copyright Business Recorder, 2024