IFC-BEI seminar promotes contest to help control costs, reduce poverty
Wednesday, 8 August 2007
FE Report
IFC Bangladesh Investment Climate Fund and Bangladesh Enterprise Institute (BEI) Monday held a seminar on 'competition policy to highlight best practices and identify potential sectors in Bangladesh for assessment'.
The seminar will support the government's efforts to form a competition policy, helping control costs and reduce poverty.
Research by the World Bank (WB) group suggests that economies with intense competition in domestic markets have higher growth rates and lower levels of poverty.
Open and fair competition can also increase domestic investment and attract foreign direct investment (FDI). Successful enterprises become stronger and more competitive in domestic and international markets.
"An effective competition policy is important to help regulate the market and promote growth and economic development. It will also help the government curb corruption, improve governance, and reduce poverty", BEI President Farooq Sobhan said.
The policy will offer a level playing field for businesses, ensuring consistency and guidance, the BEI president added.
"Good policy enables fair market practices, minimises price fluctuations, reduces the need for short-term public policy mitigations, and prevents businesses from gaining advantages or engaging in unfair practices", WB Group Competition Policy Adviser and keynote speaker R Shyam Khemani said.
Khemani was the adviser to the Raghavan Committee relating to India's competition law and policy reforms and has advised governments and business in various industrial and developing countries.
The government indicated its intent to pass a law on competition in its latest poverty reduction strategy, but there is not yet a clearly defined policy.
Hence, the seminar highlighted the importance of instituting a comprehensive law and policy framework for competition. This was supported by public and private sector representatives, as well as non-government organisations and donor organisations.
The seminar also addressed the importance of better education and dissemination of public information.
"The competition process is not automatic. It needs to be maintained, protected, and promoted through effective laws and policies", IFC Bangladesh Investment Climate Fund Senior Manager Syed Akhtar Mahmood said.
IFC Bangladesh Investment Climate Fund and Bangladesh Enterprise Institute (BEI) Monday held a seminar on 'competition policy to highlight best practices and identify potential sectors in Bangladesh for assessment'.
The seminar will support the government's efforts to form a competition policy, helping control costs and reduce poverty.
Research by the World Bank (WB) group suggests that economies with intense competition in domestic markets have higher growth rates and lower levels of poverty.
Open and fair competition can also increase domestic investment and attract foreign direct investment (FDI). Successful enterprises become stronger and more competitive in domestic and international markets.
"An effective competition policy is important to help regulate the market and promote growth and economic development. It will also help the government curb corruption, improve governance, and reduce poverty", BEI President Farooq Sobhan said.
The policy will offer a level playing field for businesses, ensuring consistency and guidance, the BEI president added.
"Good policy enables fair market practices, minimises price fluctuations, reduces the need for short-term public policy mitigations, and prevents businesses from gaining advantages or engaging in unfair practices", WB Group Competition Policy Adviser and keynote speaker R Shyam Khemani said.
Khemani was the adviser to the Raghavan Committee relating to India's competition law and policy reforms and has advised governments and business in various industrial and developing countries.
The government indicated its intent to pass a law on competition in its latest poverty reduction strategy, but there is not yet a clearly defined policy.
Hence, the seminar highlighted the importance of instituting a comprehensive law and policy framework for competition. This was supported by public and private sector representatives, as well as non-government organisations and donor organisations.
The seminar also addressed the importance of better education and dissemination of public information.
"The competition process is not automatic. It needs to be maintained, protected, and promoted through effective laws and policies", IFC Bangladesh Investment Climate Fund Senior Manager Syed Akhtar Mahmood said.