South Africa’s President Cyril Ramaphosa will sign into law the Competition Amendment Bill, that aims to strengthen regulations against anti-competitive behaviour in industrial markets.
The bill, which was approved by the National Assembly in October 2018 and endorsed by the National Council of Provinces in December 2018, is a step in the right direction for SMEs, economic inclusion and it opens up the economy to fresh investment and innovation.
The Presidency said on Monday: “The bill provides greater clarity to firms and investors on prohibited practices and what constitutes abuse of dominance.
“Another expected benefit is improved administrative efficiencies in the work of the competition authorities and facilitative powers to the executive.
“These changes are in the long-term interest of both business and organised labour and benefit small to medium-sized companies through a pro-growth, transformation model that can help lift investment and advance economic inclusion.”