Pakistan is hardening its control over monopolistic practices by reinforcing antitrust laws, the Vice Prime Minister and Minister of Foreign Affairs said Tuesday, Ishaq Dar, during the innovation ceremony of the new central office of the Pakistan Competition Commission (PCC).
The ceremony in Islamabad was attended by the Minister of Finance, Muhammad Aurengzeb, the Minister of Law Azam Nazeer Tarar and the Minister of State for Finance Ali Pervaiz Malik. The new central office aims to improve the operational capacity of the PCCH and regulatory supervision.
In his speech, he emphasized the government’s commitment to promote fair competition and protect consumers from market handling.
“We have strengthened the laws against monopoly, but people still lack the understanding of monopolies and their impact on the market,” he said. “The PCCH, under the leadership of President Kabir Ahmed Sidhu, is making significant progress to address these problems.”
The president of CCP, Sidhu, stressed that the new building would consolidate the commission’s operations under the same roof, improving efficiency and reducing operational costs.
“The new central office will allow us to assign more resources to specialized personnel and expand our presence in other important cities,” said Sidhu.
The PCCH has recently launched an anti-carartelization unit and established a market intelligence unit to detect and prevent collusion between companies. The Commission is also establishing a center of excellence for market research and the development of regulatory capacities.
The Minister of Finance, Muhammad Aurengzeb, praised the role of the PCCH in guaranteeing fair market practices and said that the new central office would reinforce the capacity of the commission to regulate the market effectively.
The law minister, Azam Nazeer Tarar, expressed his confidence in the leadership of the PCCH and reiterated the government’s support to strengthen the legal framework of the commission.
Dar recalled the past efforts to reform the market, noting that Pakistan’s stock exchanges had faced the resistance of the interests created during their consolidation process.
He said that the abundant mineral resources of Pakistan could lead to the country towards economic prosperity if they are handled properly.
“Pakistan was the largest 24th economy in 2018, just four steps to join the G20. With the right reforms, we can claim that position and aim higher,” Dar added.
The new CCP central office is expected to be completed within two years, improving the capacity of the commission to monitor market competition and enforce regulations.
