ISLAMABAD: Esther Pérez Ruiz, the IMF Resident Representative in Pakistan, visited the Competition Commission of Pakistan (CCP) and met with Dr. Kabir Ahmed Sidhu, Chairman CCP, to discuss matters of mutual interests.
During the meeting, Dr Sidhu briefed Ruiz on CCP’s ongoing initiatives aimed at policing cartels to enhance competition, aligning with the Government of Pakistan’s policies for sustainable economic growth.
The chairman emphasized the critical role of taxation, remittances, and exports in attracting foreign direct investment, noting that market competition plays a vital role in this regard. He pointed out that for Pakistani products and services to compete effectively in international markets, a competitive environment is essential.
The Chairman also highlighted that inefficiencies arise when there is a mismatch between demand and supply, and it is society that ultimately bears the cost of such inefficiencies.
The CCP has a major role to curb the cartels and concerted, collusive practices in order to bring efficiency. In this regard, one of the recent initiatives include the establishment of a Market Intelligence Unit (MIU) marking a transition from reactive to proactive enforcement. Simultaneously, reviewing legal and regulatory frameworks in various sectors of the economy is another priority area for the CCP for promoting competition, Dr. Sidhu said.
Ruiz underscored the significance of competition in driving exports and attracting foreign direct investment (FDI). The IMF representative further assured support for capacity building for enabling economic growth.
The meeting between Ruiz and Dr. Sidhu signifies a continued dialogue between international organizations and Pakistani authorities to promote economic stability and growth through fair competition practices.
Copyright Business Recorder, 2024
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