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BusinessLive reports that trade union federation Cosatu has argued that the contentious Competition Amendment Bill will actually attract investment, contrary to what some opposition parties and local businesses have suggested.
Among other things, the bill is intended to provide for an extension of the mandate of the competition authorities and the executive to tackle high levels of economic concentration. It is also meant to tackle the limited transformation in the economy and the abuse of market power by dominant firms. “Much of the attacks by local business interests on the bill claim that it will deter investment. Yet, in reality, foreign investors and institutions, including the World Bank, complain about the collusive practices and concentration in the economy and identify these as the real reasons for the lack of investment,” Cosatu stated in its submission on Tuesday to the National Council of Province’s (NCOP’s) select committee on business and economic development. Cosatu called on the government to act more decisively in dealing with collusion and concentration as they hampered development and contributed to inequality. It said the bill would undo the concentration in the economy by the “old, white boys club, who are keeping emerging black players out”. “Economic exclusion and concentration contribute to the record-breaking levels of inequality in SA,” the federation argued.
- Read the full original report by Bekezela Phakathi at BusinessLive
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