Experts for making BCC efficient with policy steps

Participants at a seminar on Thursday stressed the need for making Bangladesh Competition Commission (BCC) functional and effective with necessary policy measures to help ensure fair competition among the businesses irrespective of their size (small or large).
They also made some recommendations, including formulation of required rules to help address inconsistencies in Competition Act, equipping the commission with adequate skilled manpower, conducting research to identify challenges, and setting priorities for its efficient functioning.
The observations and recommendations came at a seminar, titled 'Ensuring Competition in Business: Role of Bangladesh Competition Commission', organized by BCC in the city.
Commerce Minister Tofail Ahmed was the chief guest at the seminar, presided over by BCC chairperson Md Iqbal Khan Chowdhury.
Commerce secretary Shubhashish Bose, emeritus fellow of Unnayan Shamannay Dr Enamul Haque, Bangladesh Bank chief economist Faisal Ahmed, Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) president Shafiul Islam Mohiuddin, and senior research fellow of Bangladesh Institute of Development Studies (BIDS) Nazneen Ahmed, among others, spoke on the occasion.
BCC was formed in 2012 mainly to ensure fair competition among companies. But the organisation started functioning in 2016 following appointment of its chairperson and two members.
The commerce minister said the government has taken steps to ensure fair competition in the market.
There will be no monopoly in the market by any single company, he also said, expressing the hope that BCC will act accordingly.
Professor Shibli Rubayat Ul Islam, dean of Faculty of Business Studies at Dhaka University, said: "Competition is essential in the market. However, in reality we find it is difficult to ensure an effective competitive environment due to the presence of cartels, market collusion, monopoly, oligopoly and abuse of dominant positions etc."
Market behaviour is always like a big player trying to beat the small or rising rival ones with different strategies, including acquisition, hostile takeover, aggressive business practices, and internalizing the resources and capabilities it has because of being large, he said in his keynote paper.
Rapid technological advancement and rise of protectionist view in the international business environment have created opportunities and challenges. Bangladesh needs to be well prepared to tackle the challenges and be the leader in exploring the opportunities.
"The country should come up with a balanced approach in the formulation and implementation of a proper competition policy to ensure that an effective competitive environment is prevailing in the market that protects and benefits all - SMEs, large companies, consumers and people."
He included the existing business culture, financial capacity to operate and become world-class institution, human resources and lack of trust and relationships among the challenges. He also made a number of recommendations, and opined that BCC should initiate a multi-stakeholder project to address the challenges.
The FBCCI president emphasised ensuring fair competition, so that the small companies can sustain by competing with the big companies.
Nazneen Ahmed opined that BCC needs to conduct many researches to identify the problems and set the priorities, if the organisation wants to work effectively.
"BCC needs to set its priorities through researches. Both consumers and employment have to be protected."
Steps should be taken to create a competitive business environment, where both the big and the small companies can equally sustain, she added.
Dr Enamul Haque focused on finalizing rules regarding Competition Act to ensure effective functioning of BCC.
Faisal Ahmed said the country is currently in the transition phase of graduation, and productivity is very important. It can be ensured through technological advancement and ensuring market competition.
Shubhashish Bose said the inconsistencies in Competition Act will be addressed and the rules concerned will be finalized shortly. He also expressed hope that BCC will play its role independently.
Iqbal Khan Chowdhury said the objective of BCC is to look into the issues concerned, so that competition in the market is not disrupted, and price fixation is not among the commission's task.

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