GOVERNMENT is pushing to finalise legislation that empowers the Competition and Tariffs Commission (CTC) to investigate anti-competitive practices, a Cabinet minister has said.
For years, there has been increasing anti-competitive practices on the market owing to the downturn of the economy resulting in some better capitalised firms having a stranglehold on certain sectors.Speaking at the 14th anniversary of the World Competition Day commemorations hosted by CTC, Industry and Commerce minister Sithembiso Nyoni said the government wanted to equip the commission.
“Competition cannot thrive without a robust legal framework in place to regulate and monitor market behaviour to ensure compliance,” Nyoni said, in a speech read on her behalf by the ministry’s chief director, Florence Makombe.“Our government is committed to strengthening the capacity of our competition authority, equipping it with the necessary tools and resources to investigate and prosecute anti-competitive practices effectively.”
She said the ministry was working to finalise the Competition Amendment Bill to equip CTC with the necessary tools and resources to investigate and prosecute anti-competitive practices effectively.The amendment will help in governing and safeguarding against monopolies, cartels and other forms of anti-competitive behaviour prevailing on the market.
It will also ensure that no single entity has unwarranted control over a particular industry or market segment, thereby preventing the abuse of market power.“As the minister responsible for Industry and Commerce, it is my duty to ensure a fair and competitive marketplace that benefits both businesses and consumers is created in our country. My ministry is committed to upholding and strengthening competition law to ensure a level playing field for all businesses,” Nyoni added.
She said it would be important to collaborate with other countries to address issues such as price-fixing, abuse of dominance and unfair business practices.
“We will continue to engage with our international counterparts to share best practices and co-ordinate efforts in combating anti-competitive behaviour. Competition law serves as a safeguard against monopolies, cartels and other forms of anti-competitive behaviour,” Nyoni said.
“It ensures that no single entity has undue control over a particular industry or market segment, thereby preventing the abuse of market power. By doing so, competition law promotes a level playing field for all businesses, regardless of their size or resources.”
She said this would allow for new competition to enter the market thereby creating employment and fostering economic growth.
“It also fosters a culture of innovation, as businesses strive to develop new products and services to gain a competitive edge. I implore the business community not to be narrowly focused on their day-to-day operations,” Nyoni said.
“Businesses should be conscious of the impact of their conduct on our country and people. Similarly, for established firms, growing alone does not complement the government’s objectives.”
She said big firms must grow with smaller businesses and their suppl iers.
“It is not just about companies investing huge funds on certain markets, it is about what happens to that ecosystem,” Nyoni said.
“As businesses, you have the duty to complement government efforts through sustainable industrial growth, equitable wealth distribution and employment creation.”
Source NewsDay
