MyCC 2021-2025 strategic plan focuses on identifying recovery measures to support the country’s fight against the pandemic
by AZALEA AZUAR / pic by TMR FILE
THE government plans to amend the Competition Act 2010 and the Competition Commission Act 2010 next year to ensure there are no more cartel activities and monopolies in the market.
Domestic Trade and Consumer Affairs Deputy Minister Datuk Rosol Wahid (picture) said the government has been discussing the amendments of these acts as it is vital to empower the Malaysia Competition Commission (MyCC) to deal with competition issues efficiently.
“The MyCC is currently in the process of amending these two acts that will empower the MyCC to review mergers that will significantly reduce competition in the market,” Rosol said at a press conference after the launch of the MyCC 2021-2025 strategic plan yesterday.
“When the Competition Acts have been implemented, we would have a healthy competition and nobody would take advantage of what is happening in the cartels.
“It would feel more sincere with integrity and more importantly, we would be able to attract foreign investors,” said Rosol.
The MyCC yesterday launched its 2021-2025 strategic plan which focuses on identifying recovery measures aimed to support the country’s fight against the Covid-19 pandemic.
Its objective is to deliver effective outcomes for the commission’s core activities, align the application of competition policy and law with current market environment, and strengthen and expand the commission’s capacity, capabilities and resources to best serve all its relevant stakeholders for the next five years.
Rosol believes that this plan also details the expansion of the MyCC, consistent with its bigger mandate in supporting the implementation of national-level economic plans and the enforcement of the larger scope in MyCC’s functions and powers.
“The implementation period for this plan coincides with the implementation of other important national-level economic documents in particular, the 12th Malaysia Plan (12MP) and the Malaysia Digital Economy Blueprint.
“The main thrusts for the 12MP are based on three dimensions — economic empowerment, environmental sustainability and social reengineering,” he explained.
Through this plan, Rosol assured the the public can expect rigorous and robust enforcement of competition policy and law to be applied on a cross-cutting basis, horizontally across the various economic activities addressed in the first dimension on economic empowerment.
“These will include sectors and subject areas such as the IR4.0, agricultural sector, digital economy, distributive trade, transport, construction, and the energy markets, among others.”
“These national-level economic plans identify the importance of healthy competition in the marketplace.
“This is because fair and healthy competition in the marketplace promotes a conducive ecosystem for the economy to thrive. In other words, it creates a free market that works well for consumers and businesses,” Rosol explained.
MyCC chairman Datuk Seri Mohd Hishamudin Yunus is also working with the government in looking at anti-competitive behaviour in government procurements, such as bid-rigging.
“The MyCC is working closely with the government and its agencies to increase transparency and accountability in the public tender process, in order to eradicate bid rigging that is draining government’s funds.
“This is to stamp out wastage in public spending.”
Mohd Hishamudin added that the commission would continue to keep a close eye on emerging competition challenges in the digital economy.
This is timely as governments worldwide are responding to broad calls on limits to Big Tech’s dominance by announcing new laws to safeguard individuals from data breaches and novel anti-competitive behaviours in the digital age.