Source: Cabinet approves National Competition Policy | The Herald May 23, 2017
Zimbabwe will soon have a revised competition law in place after Cabinet recently approved the National Competition Policy, which is aimed at enhancing the ease of doing business. The policy will see the Competition and Tariff Commission reduce the number of days taken to review mergers and acquisitions to 60 days from the current 90 days.
Industry and Commerce Minister Dr Mike Bimha while speaking at the Common Market for Eastern and Southern Africa (Comesa) National Sensitisation Workshop yesterday confirmed the move further stating that there is a clear position within Government to drive the economy towards a level playing field which facilitates development of markets.
“I am delighted to announce that, to show its commitment to facilitating a level playing field, Government recently reviewed and drafted a new National Competition Policy which has been approved by Cabinet.
“We are now working to ensure that we have a new Competition Law in place which will assist the CTC in dealing more effectively with matters related to abuse of dominant positions and cartels,” said Dr Bimha.
“The new law is also part of enhancing the ease of doing business as it also seeks to reduce the number of days taken by CTC in merger examination. We believe this will expedite the implementation of brownfield investments in the country,” he said.
Dr Bimha said the Competition Policy will cut across all sectors of the economy and is interwoven with the industrial and trade policies.
He said the policy will go a long way in buttressing efforts to turnaround the economy under the Zimbabwe Agenda for Sustainable Socio-Economic Transformation (Zim-Asset).
The proposed law also aims to set out clear rules on anti-cartel enforcement as well as anti-competitive conducts in public procurement.
In this case Government will save millions that is potentially lost through cartelisation in key markets, especially of huge construction projects.
Dr Bimha said he signed a Memorandum of understanding last month on behalf of Government with the Chinese Government with key focus being to strengthen relations in the areas of competition and consumer protection.
He also said Government was also committed to fulfilling its obligations under the Comesa Treaty.
“One of the key issues under this treaty which we are yet to meet, is the domestication of the Comesa Competition Regulations,” said Dr Bimha.