Pakistan tightens its grip on monopolistic practices by strengthening anti-monopoly laws, the ISHAQ DAR Foreign Minister of Foreign Minister DAR said on Tuesday at the Revolutionary Ceremony of the Competition of the New Headquarters of Pakistan (CCP).
The ceremony in Islamabad brought together the Minister of Finance Muhammad Aurangzeb, the Minister of Law Azam Nazeer Tarar and the Minister of State in Finance Ali Pervaiz Malik. The new head office aims to improve the operational capacity of the CCP and regulatory surveillance.
In his speech, DAR underlined the government’s commitment to promote fair competition and to protect consumers from market manipulation.
“We have strengthened anti-monopoly laws, but people still lack understanding of monopolies and their impact on the market,” he said. “The CCP, under the direction of President Kabir Ahmed Sidhu, makes significant progress in solving these problems.”
PCC president Sidhu stressed that the new building would consolidate commission operations under one roof, improving efficiency and reducing operational costs.
“The new head office will allow us to allocate more resources to specialized staff and to expand our presence in other major cities,” said Sidhu.
The PCC recently launched an anti-carrealization campaign and established a market unit of the market to detect and prevent collusion between businesses. The Commission also sets up a center of excellence for market studies and strengthening regulatory capacities.
The Minister of Finance, Muhammad Aurangzeb, praised the role of the CPC by guaranteeing fair market practices and said that the new head office would strengthen the Commission’s capacity to effectively regulate the market.
Law Minister, Azam Nazeer Tarar, expressed his confidence in the management of the CCP and reiterated the government’s support to strengthen the legal framework of the Commission.
DAR recalled the efforts spent to reform the market, noting that Pakistan scholarships had been faced with the resistance of interest acquired during their consolidation process.
He said that the abundant mineral resources of Pakistan could lead the country to economic prosperity if they were properly managed.
“Pakistan was the 24th world economy in 2018, just four steps to join the G20. With the right reforms, we can recover this position and aim higher,” added Dar.
The new PCC headquarters should be completed within two years, improving the Commission’s capacity to monitor market competition and apply regulations.
