Presenting the draft policy, Minister of Trade and Industry, Neo Moroka on Tuesday said that such policy instruments would maximise trade liberalisation and ensure unrestricted market entry and free competition in the open economy. “This draft policy will avert the abuse of market dominance, monopolisation and cross-border uncompetitive practises that created imperfections in the market place,” Moroka said. The draft policy marks an important milestone in the pursuit of sustainable socio-economic development, Moroka said.
Members of Parliament hailed the introduction of the draft policy saying it would safeguard and promote growth and development of citizen-owned small and medium enterprises. Education Minister, Jacob Nkate supported the draft policy saying it would help in the diversification of the economy. “We have an open economy that is investor friendly so we need to have such a policy,” he said. Nkate explained that if enacted into law, the policy would help protect consumer rights and interests. MPs were in solidarity that the draft policy would encourage efficiency and competition in the domestic market. Minister of Labour and Home Affairs, Moeng Pheto said if approved, the draft competition policy would provide the best means of ensuring that the economy’s resources are put to their best use by encouraging enterprise, efficiency and widening choice.
The draft competition policy comes at a time when government is aggressively reviewing regulations and policies to attract the much-needed Foreign Direct Investment (FDI). Other initiatives that would result in attracting the FDI include the submission of the new Copyright and Neighbouring Rights Bill.
