President Cyril Ramaphosa says the new competition legislation will boost small and medium enterprises (SME) and provide economic inclusion.
He spoke in Cape Town after signing the Competition Amendment Bill into law on Wednesday. One of the objectives of the legislation is to provide a clear mandate to companies and investors on what constitutes abuse of dominance.
Ramaphosa told the media the act will open the country’s economy to fresh investments and innovation.
“Today, we are making and taking this historic step of correcting one of the cogs that has impeded the growth of our economy by enhancing more competition into our economy, by getting competition authorities to focus more directly on the issue of dominance, on the issue of how companies impede the growth our economy,” says Ramaphosa.
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