DHAKA, Oct 23, 2022 (BSS) - Bangladesh Competition Commission (BCC) in collaboration with Justicia Legal Minds today organized a seminar for businesses to establish an effective competition compliance program.

The speakers at the seminar said the consequences of non-compliance may include costly and lengthy investigations and lawsuits, large fines, or penalties, and even imprisonment, and lastly not to mention the damage to reputation and goodwill.

Commerce Minister Tipu Munshi graced the seminar as the chief guest while State Minister for Planning Dr Shamsul Alam spoke as the guest of honour.

Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Md Jashim Uddin was present as the special guest, said a press release.

The chief guest and other guests emphasized on the importance of the competition regime in Bangladesh for economic growth.

Chairperson of BCC Md Mofizul Islam and its members Nasreen Begum and G.M Saleh Uddin showed their visible commitment and support for a culture of competition compliance.

Barrister Tasnuva Shelley, head of chambers, Justicia Legal Minds was the keynote speaker and conducted a session on the need for competition compliance program and expected co-operation from the businesses to make “Competition Compliance Program” part of the corporate culture to do business in a successful way.

The Competition Act, 2012 was enacted to promote competition, protect consumers’ interest, and detect or eliminate cartels. Bangladesh’s economic prosperity depends on a free market with fair and robust competition.

In an economy of a developing country like Bangladesh, the speakers said anti-competitive harm is a burning issue, where the “syndicates” or “cartels” opt to extract economic rents by restricting supply, increasing prices, and having monopoly over the market.

One of the key tasks of competition law is to protect the economy from such social loss and prevent the monopolists from restricting supply.

The target audience of this seminar was top and mid-level management of businesses that are vulnerable and lack the knowledge regarding the importance of having an internal competition compliance program in place.

It is strongly recommended for every business establish an effective compliance program as the consequences of non-compliance may include costly and lengthy investigations and lawsuits, large fines, or penalties, and even imprisonment, and lastly not to mention the damage to reputation and goodwill.

Over 100 participants from the top and mid-level corporates, trade associations and legal professionals attended the seminar and accepted that an effective competition regime is needed for booming economy like Bangladesh and having an internal competition compliance program is the way forward to be competition compliant.

The seminar being “pro-active” in nature focused on understanding basic principles of the competition laws and economics, the consequences of non-compliance and suggesting the benefits for adopting an internal Competition Compliance Program.

The objective is to minimize the risk of being non-compliant and explain how a well-planned and exhaustive CCP would be beneficial to all enterprises irrespective of their size, area of operation, jurisdiction involved, nature of products supplied, or services rendered.

It is highly recommended that all organizations undertake the talk to review of their marketing arrangements, market position and policies, restructuring, if any, in the pipeline so that they can take timely corrective measures or align their policies conforming to new competition regime.