COSATU welcomes the Competition Amendment Bill as presented to parliament today. The federation appreciates the process of engagement at Nedlac that 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 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 ram [pant corruption by the old boys club, and bring the competition rules in line with many other developed countries.
COSATU is not surprised that the business constituency was not very forthcoming in the negotiations, as they would like to see the old regime continuing. The 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.
For more information please call Cde Tony Ehrenreich at 082 7733194 or Cde Etienne Vlok at 0826567918 or Sizwe Pamla @ 060 9756794
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