Research by the World Bank Group suggests economies with intense competition in domestic markets have higher growth rates and lower levels of poverty. Open and fair competition can also increase domestic investment and attract foreign direct investment, the seminar was told.

"An effective competition policy is important to help regulate market and promote growth and economic development. It will also help the government curb corruption, improve governance, and reduce poverty," said Farooq Sobhan, president of BEI.

The policy will offer a level playing field for businesses, ensuring consistency and guidance, he added.

"Good policy enables fair market practices, minimises price fluctuations, reduces the need for short-term public policy mitigations, and prevents businesses from gaining advantages or engaging in unfair practices," said R Shyam Khemani, World Bank Group Competition Policy Adviser and keynote speaker at the seminar.

"The competition process is not automatic. It needs to be maintained, protected, and promoted through effective laws and policies," said Syed Akhtar Mahmood, senior manager of IFC Bangladesh Investment Climate Fund.