ISLAMABAD: Deputy Prime Minister and Foreign Minister Ishaq Dar has emphasised the need to foster a culture of competition to attract local and international investors, spur economic growth, and create job opportunities in Pakistan.
Competition Commission of Pakistan Chairman Dr Kabir Sidhu briefed Dar on the commission’s efforts to enforce market regulations, identify cartels, curb monopolistic practices, and prevent collusion that artificially inflates commodity prices.
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Dar lauded the commission’s efforts and assured full government support to bolster its initiatives further. He urged the commission to intensify its actions against cartels and market manipulators, pledging the government’s full cooperation in dismantling such practices.
Dr Sidhu shared that the commission has established an intelligence unit tasked with monitoring media and market data to detect unfair business practices and cartel activities. “The unit has flagged over 150 suspected cases so far this year,” he said.
Dar also directed the commission to expedite the resolution of pending court cases related to market manipulation.
In response, Dr Sidhu highlighted that the commission’s newly formed legal department has made significant progress, concluding 69 cases in the past year. These verdicts have resulted in the imposition of fines amounting to Rs100 million on offenders.
The meeting underscored the government’s commitment to promoting fair competition and addressing anti-competitive practices to stabilise the economy and build investor confidence.