Legislative changes coming to deal with market domination: Zuma

Legislative changes coming to deal with market domination: Zuma

President Jacob Zuma. Picture: Michel Bega

A process to amend the Competition Act is set to start this year so government can deal with market concentration, which is crowding out small businesses, President Jacob Zuma said on Thursday.

“Two key challenges we face is the high levels of concentration in the economy as well as the collusion and cartels, which squeeze out small players and hamper the entry of young entrepreneurs and black industrialists,” Zuma said while delivering his 2017 state of the nation address.

Zuma said while much had been done to deal with cartel behaviour, including the criminalisation of collusion which carries a 10 year jail sentence, there are still sectors where a small group of people control most of the market.

ALSO READ: Zuma wraps up Sona after night of violent chaos and obscenities

“During this year, the Department of Economic Development will bring legislation to Cabinet that will seek to amend the Competition Act,” he said.

“It will among others address the need to have a more inclusive economy and to de-concentrate the high levels of ownership and control we see in many sectors. We will then table the legislation for consideration by parliament.”

For more news your way, follow The Citizen on Facebook and Twitter.



today in print