ZIMBABWE’S Competition and Tariff Commission (CTC) has unveiled a National Competitiveness Policy to regulate mergers and acquisitions with a view to thwart anti-competitiveness agreements such as emergence of cartels as part of measures to improve the country’s business environment. The new policy comes amid concerns the country had been operating under a competition framework without a guiding policy.
“The policy came about as a recommendation from a peer review process that was done under the auspice of UNCTAD. The main finding of the peer review process was that Zimbabwe was operating a competition framework without a guiding policy so it recommended for the formulation of a policy guide and the amendment of the existing act so that it conforms to international best practice,” said CTC.
CTC further highlighted that the launch of the policy is targeted at spearheading the amendment of the competition act which is to follow the criteria of international best practices.
Addressing delegates to the commemoration of the world competition day permanent secretary in the Ministry of Industry and Commerce Abigail Shonhiwa who was speaking on behalf of Industry and Commerce Minister Dr Bimha said amendment of the Competition act is at advanced stages.
“Approval by Cabinet of the new Competition Policy in February 2017 and the launch of the policy today paves way for the new amended Competition Act in line with international best practice, which I am reliably advised by the chairman of the commission that it is at advanced stages of drafting. It is my hope that the amendment Act will assist the commission in dealing effectively with matters related to high market constrains facilitated by barriers to entry, abuse of dominant positions and market cartelisation,” she said.
She also highlighted that amendment of the law will complement efforts of enhancing the ease of doing business as it also seeks to reduce the number of days taken by the commission in a merger examination from 90 to 60 days.
“I believe this will expedite the implementation of brownfield investments in the country,” said Mrs Shonhiwa.