ISLAMABAD: Pakistan is taking significant steps to curb monopolistic practices by strengthening its anti-monopoly laws, Deputy Prime Minister and Foreign Minister Ishaq Dar declared on Tuesday during the inauguration of the Competition Commission of Pakistan’s (CCP) new head office in Islamabad.
The event was attended by Finance Minister Muhammad Aurangzeb, Law Minister Azam Nazeer Tarar, and Minister of State for Finance Ali Pervaiz Malik. The establishment of the new head office is expected to bolster the CCP’s operational capacity and regulatory effectiveness.
In his address, Dar underscored the government’s determination to foster fair competition and shield consumers from market manipulation. “We have reinforced anti-monopoly laws, but there is still a lack of understanding about monopolies and their detrimental effects on the market,” Dar said, emphasizing that the CCP, led by Chairman Kabir Ahmed Sidhu, is making notable progress in combating these challenges.
CCP Chairman Kabir Ahmed Sidhu highlighted that the new headquarters will centralize the commission’s operations, leading to better efficiency and lower operational costs. “This new facility will enable us to allocate more resources to specialized staff and extend our reach to other key cities,” he said.
As part of its ongoing efforts, the CCP has initiated a crackdown on cartels and established a Market Intelligence Unit to identify and prevent business collusion. Additionally, the commission is creating a Centre of Excellence to enhance market research and improve regulatory capabilities.
Finance Minister Muhammad Aurangzeb praised the CCP’s crucial role in ensuring transparent market practices and stated that the new office would significantly enhance the commission’s regulatory capacity. Law Minister Azam Nazeer Tarar expressed confidence in the CCP’s leadership and reiterated the government’s commitment to strengthening the commission’s legal framework.
Dar also recalled previous market reforms, noting the resistance faced during the consolidation of Pakistan’s stock exchanges by vested interests. He pointed to the nation’s untapped mineral resources as a key driver of economic growth if managed effectively.
“Pakistan was the 24th largest economy in the world in 2018, just four steps away from joining the G20. With the right reforms, we can not only regain that position but aim for even greater achievements,” Dar said.
The new CCP head office is set to be completed within two years, significantly enhancing the commission’s ability to monitor market competition and enforce fair regulations, paving the way for a more competitive and transparent economic environment.
