Pakistan tightens his grip on monopolistic practice by strengthening the anti-monopoly, Deputy Prime Minister and Foreign Minister Ishaq Dar said on Tuesday during the pioneering ceremony for the Competition Commission in Pakistan’s (CCP) new head office.

The ceremony in Islamabad participated by Finance Minister Muhammad Aurangzeb, Lawyer Azam Nazeer Tarar and Prime Minister for Funding Ali Pervaiz Malik. The new head office aims to improve CCP’s operational capacity and regulatory supervision.

In his address, DAR emphasized the government’s obligation to promote fair competition and protect consumers from market manipulation.

“We have strengthened the anti-monopoly laws, but people still lack understanding of monopoly and their influence on the market,” he said. “CCP, led by President Kabir Ahmed Sidhu, makes significant progress in tackling these questions.”

CCP chairman Sidhu emphasized that the new building would consolidate the Commission’s operations under one roof, improve efficiency and reduce operating costs.

“The new head office allows us to allocate more resources to specialized staff and expand our presence in other major cities,” Sidhu said.

CCP has recently launched an anti -species drive and established a market information device to detect and prevent coordination among companies. The Commission also establishes a Center of Excellence for Market Surveys and Regulatory Capacity Building.

Finance Minister Muhammad Aurangzeb praised CCP’s role in ensuring fair market practice and said the new head office would strengthen the Commission’s ability to regulate the market effectively.

Law Minister Azam Nazeer Tarar expressed confidence in CCP’s leadership and repeated the government’s support to strengthen the Commission’s legal framework.

DAR remembered earlier efforts to reform the market and noted that Pakistan’s exchanges had been exposed to resistance from interests during their consolidation process.

He said that Pakistan’s abundant mineral resources could lead the country to economic prosperity if it is properly controlled.

“Pakistan was the world’s 24th largest economy in 2018, only four steps away from participating in G20. With the right reforms we can regain this position and aim higher,” Dar added.

The new CCP head office is expected to be completed within two years, which improves the Commission’s capacity to monitor market competition and enforce rules.