President Cyril Ramaphosa will sign the Competition Amendment Bill into law on Wednesday. Photo: Reuters

CAPE TOWN – President Cyril Ramaphosa will sign the Competition Amendment Bill into law on Wednesday, the Presidency announced on Tuesday.

The Bill was approved by the National Assembly on 23 October 2018 and endorsed by the National Council of Provinces on 4 December 2018. 

“The amended law constitutes a boost for SMEs and economic inclusion and opens up the economy to fresh investment and innovation. It also provides a clear mandate to the competition authorities to address economic concentration in a balanced manner and to promote economic transformation.

“The Bill provides greater clarity to firms and investors on prohibited practices and what constitutes abuse of dominance. Another expected benefit is improved administrative efficiencies in the work of the competition authorities and facilitative powers to the Executive.
“The amended legislation seeks to combat concentration and economic exclusion as core challenges that contribute to slower and less dynamic growth, lower employment and greater inequalities, as well as socio-political conflict. The amendments enable a more effective approach to concentration, with a focus on improving outcomes for small and black-owned business, and strengthen the institutions involved in managing competition policy and law. 
“These changes are in the long-term interest of both business and organised labour and benefit small to medium-sized companies through a pro-growth, transformation model that can help lift investment and advance economic inclusion,” reads the statement.