Pakistan is tightening its grip on monopolistic practices by reinforcing anti-monopoly laws, Deputy Prime Minister and Foreign Minister Ishaq Dar said on Tuesday during the groundbreaking ceremony of the Competition Commission of Pakistan’s (CCP) new head office.
The ceremony in Islamabad was attended by Finance Minister Muhammad Aurangzeb, Law Minister Azam Nazeer Tarar, and Minister of State for Finance Ali Pervaiz Malik. The new head office aims to enhance the CCP’s operational capacity and regulatory oversight.
In his address, Dar emphasised the government's commitment to promoting fair competition and protecting consumers from market manipulation.
"We have strengthened the anti-monopoly laws, but people still lack understanding of monopolies and their impact on the market," he said. "The CCP, under the leadership of Chairman Kabir Ahmed Sidhu, is making significant progress in tackling these issues."
CCP Chairman Sidhu highlighted that the new building would consolidate the commission’s operations under one roof, improving efficiency and reducing operational costs.
"The new head office will allow us to allocate more resources to specialised staff and expand our presence in other major cities," Sidhu said.
The CCP has recently launched an anti-cartelisation drive and established a Market Intelligence Unit to detect and prevent collusion among businesses. The commission is also setting up a Centre of Excellence for market research and regulatory capacity building.
Finance Minister Muhammad Aurangzeb praised the CCP's role in ensuring fair market practices and said the new head office would bolster the commission's ability to regulate the market effectively.
Law Minister Azam Nazeer Tarar expressed confidence in the CCP's leadership and reiterated the government's support for strengthening the commission’s legal framework.
Dar recalled past efforts to reform the market, noting that Pakistan's stock exchanges had faced resistance from vested interests during their consolidation process.
He said Pakistan's abundant mineral resources could drive the country towards economic prosperity if properly managed.
"Pakistan was the world's 24th largest economy in 2018, just four steps away from joining the G20. With the right reforms, we can reclaim that position and aim higher," Dar added.
The new CCP head office is expected to be completed within two years, enhancing the commission's capacity to monitor market competition and enforce regulations.
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