Competition and Fair Trading Commission (CFTC) has urged business operators in the country to embrace competition saying it is a prerequisite to industrialisation.
Director of Mergers and Acquisitions at the commission, Richard Chiputula made the call on Monday in Blantyre on the side lines of a business session with production companies aimed at equipping them with the technical knowhow on fair trading laws.
Speaking to the media Chiputula said: “Competition contributes to sustainable development as it enables every member of the society equitably benefit from the economy.”
“Competition should not be seen as a threat but an opportunity to innovate and motivate efficient use of available resources as industrialization cannot occur if the private sector does not embrace it,” added Chiputula.
Chiputula, however, commended the citizenry for their efforts saying there is an increase in the number of complaints that are brought to the attention of the commission as consumers are now able to report when fair trade laws are breached a development.
He said this is a clear an indication the consumer and the private sector are becoming aware of Competition and Fair Trading Act-CFTA.
Chiputula said: “with the sensitisation we have done we are noticing some changes for instance incidences of getting receipts that say goods once bought are not returnable is coming to an end.”
During the meeting it was also discovered that the commission intends to review some of the laws in the act to ensure that they are in tandem with latest developments.
“We believe that if we have an act that addresses the current issues it will be easier to enforce and the sector will also be able to comply as it will be simple to understand”.
Chiputula added that “there are certain provisions that need to be reviewed like the issues of mergers and acquisitions as other companies choose whether to notify them or not”.
Some of the stakeholders that attended the meeting include Illovo Sugar Malawi, Blantyre Water Board-BWB among others and pledged to ensure customer satisfaction as their priority.
CFTC was established under the CFTA of 1998, CAP 48:09 of the laws with mandate to among others regulate, monitor and control acts which are likely to adversely affect competition and fair trading in the country.Follow and Subscribe Nyasa TV :