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The South African Communist Party (SACP) has welcomed the Competition Amendment Bill that has been tabled in Parliament by the Minister of Economic Development, and will further make a submission to Parliament. The SACP has called for action against monopolies and dominant firms as part of a wider strategy to eliminate structural economic features that hinder transformation and development, inhibit job creation, marginalise small enterprises and co-operatives and deepen class inequalities.  

The Bill introduces three innovations. It gives the competition authorities the power to address high levels of ownership concentration in the economy. It includes provisions to address national security concerns that flow from foreign takeovers of local firms. It also supports increased worker participation and ownership during merger proceedings.

The Bill further strengthens measures to deal with monopolies and dominant firms that abuse market power through price discrimination and excessive and predatory pricing that eliminates smaller enterprises. This includes tougher penalties. The Bill provides for a clearer and stronger role for the executive in merger proceedings and market inquiries, which is appropriate in a democracy.

These provisions are also a step towards the realisation of the Freedom Charter’s clarion call – that the wealth of our country shall be shared among all – and thus the national imperative of democratic transformation as defined in our Constitution.

The SACP calls on Members of Parliament to prioritise and fast-track the Bill for adoption during 2018.

Issued by SACP