The gross domestic product (GDP) of Bangladesh will increase by at least 2% if the Competition Act, 2012 was implemented properly, said speakers on Sunday at a seminar.
"The competition law is the basic law to upgrade the living standard of people through the practice of healthy competitions. Competition Commission of Bangladesh (CCB) is working to implement the law," said speakers at the seminar jointly organized by CCB and Economic Reporters’ Forum (ERF) at latter’s office.
CCB Chairperson Md Abdur Rauf, Director Md Khaled Abu Naser, among others, spoke at the program presided by ERF President Saif Islam Dilal.
CCB Chairperson Md Abdur Rauf said: "Competition Act and commission exist in more than 130 countries of the world. Those who implemented the law properly have witnessed 2-3% GDP boost.
"The Competition Act was formulated in 2012 in Bangladesh and the commission was formed in 2016 to implement the act. However, guidelines and administrative works have not been completed yet," he said.
He added that the commission was working to develop the living standards of people and trying to create a sustainable economic environment in country. If entrepreneurs could engage in healthy competition, then the overall quality and production of products would increase, he mentioned.
ERF President Saif Islam Dilal said: "Media is working to advance the economic progress and industrialization of the country. ERF members will support any positive initiatives in this regard."
At the seminar, speakers also mentioned that Bangladeshi entrepreneurs were currently engaged in unhealthy and harmful competition. They were still competing to produce adulterated products and the implementation of competition law was necessary to curb the menace, they added.
