ISLAMABAD: Deputy Prime Minister and Foreign Minister Ishaq Dar has said that a competitive environment and a strong competitive framework in domestic markets are essential for economic growth, job creation and attracting domestic and foreign investment.
Deputy Prime Minister and Foreign Minister Ishaq Dar met with Competition Commission Chairman Dr. Kabir Sidhu where the Chairman Competition Commission of Pakistan apprised Ishaq Dar of the measures taken to effectively enforce competition laws, identify cartels, abuse of monopoly and prevent business nexus to increase prices.
Ishaq Dar appreciated the efforts of the commission in resolving long-pending cases in the courts and directed that efforts be intensified against cartels in the market and groups that are harming consumers through price manipulation.
He assured the Competition Commission of the government’s continued support to establish a competitive environment in the market and eliminate cartels.
Dr. Kabir Sidhu informed the Deputy Prime Minister that a Market Intelligence Unit has been set up in the Commission to identify collusion and price manipulation, formation of cartels and other unfair practices through market trends, price data and media monitoring.
He said that in the one year since its inception, the unit has identified more than 150 cases with the help of modern data analysis against which action is being taken.
He said that in addition, the Commission has strengthened the Legal Department of the Commission to ensure speedy hearing of appeals filed against the decisions of the Competition Commission in the courts and effective prosecution of cases.
Dr. Kabir Sidhu said that due to these proactive measures, decisions were delivered in 69 cases in the last 12 months, due to which the government has recovered fines of Rs. 10 crore.
He said that the Competition Commission is also establishing a Center of Excellence to improve market research, training, and collaboration with domestic and international institutions.
