COSATU applauds the President for signing into Law the Competition Amendment Act
13 February 2019
COSATU applauds the President for signing into Law the Competition Amendment Act. We strongly support this progressive anti-monopoly legislationas it will help open up the economy, ensure greater competition, lower prices and spur badly needed economic growth. Workers are tired of being exploited by monopolies and seeing their meagre wages being squeezed dry by ridiculous prices.
The federation appreciates the processes of engagement at Nedlac, as well as later in the National Assembly and the NCOP. These led to many substantial areas of agreement. The following areas are particularly supported by COSATU:
- This Act will undo the concentration in the economy by the old white boys club, who are keeping emerging black players out.
- The Act will promote investment and lead to a reduction in prices in the SA economy.
- We support the public interest section of the Act and;
- The provisions of the Act that will lead to a greater focus on job protection and creation as well as the promotion of worker ownership.
The federation believes that the instances of collusion by mainly white-owned apartheid-style companies had flourished due to the previous economic practices. This act seeks to end the rampant corruption by the old boys club and bring the competition rules in line with many other developed countries.
COSATU is not surprised that the business constituency was not very forthcoming in the negotiations, as they would like to see the old regime continuing. The Government must act more decisively to end the collusive and concentration practices in the SA economy as many foreign investors are complaining about these practices.
We trust that the implementation of the Act will transform the economy and fast-track the opening up to fair competition by emerging players. This will significantly contribute to growing the economy and creating jobs, which in turn will make our society more equitable and fair.
Issued by Tony Ehrenreich, Deputy Parliamentary Office Coordinator, COSATU, 13 February 2019