COSATU to present its submission on Competition Amendment Bill to the NCOP tomorrow

COSATU will present its submission on the Competition Amendment Bill to the NCOP’s Select Committee on Business and Economic Development at 11am Tuesday 13 November, Old Assembly Chamber, Parliament.

We strongly support the Competition Amendment Bill of 2018. The federation appreciates the processes of engagement at Nedlac ,as well as later in the Portfolio Committee in the National Assembly.These led to many substantial areas of agreement. The following areas are particularly supported by COSATU:

- This Bill will undo the concentration in the economy by the old white boys club, who are keeping emerging black players out.

- We believe that this bill will promote investment and lead to a reduction in prices in the SA economy.

- We support the public interest section of the bill that will lead to a greater focus on jobs and the promotion of worker ownership. 

COSATU believes that the instances of collusion by mainly white owned apartheid style companies had flourished due to the previous economic practices. This bill seeks to end the rampant corruption by the old boys club, and bring the competition rules in line with many other developed countries.

We are not surprised that the business constituency was not very forthcoming in the negotiations, as they would like to see the old regime continuing. 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 look forward to the urgent processing of the bill so that transformation of the economy can be fast-tracked.

We now urge the Select Committee and the NCOP to pass the bill speedily as it will help open up the economy, ensure greater competition, lower prices and spur badly needed economic growth.

Statement issued by Tony Ehrenreich and Matthew Parks, COSATU, 12 November 2018