Major strides have been made towards amending the Competition Act with the launch of the National Competition Policy this Tuesday signaling the pinnacle of this progress.
Over the last two decades since the formulation of a body to regulate companies and ensure a level playing field, the country has done commendably well.
This success is set to be further buttressed through the crafting of the competition law of Zimbabwe which will amend the Competition Act chapter 14:28.
The Permanent Secretary in the Ministry of Industry, Commerce and Enterprises, Mrs Abigail Shonhiwa said competition law is intended to alleviate abuse of market positions by powerful firms, circumvent problems of cartels, as well as mitigate the challenge of anti-competitive mergers.
Competition and Tariffs Commission Chairperson, Mr Antony Mutemi said in the long term, this will create a healthy market for both the company and consumer.
Given the dynamism of businesses in this era, Zimbabwe is positioning itself towards a new phase that will enable the country’s market to remain competitive and well-regulated.
The Competition and Tariffs Commission worked with the United Nations Conference on Trade and Development (UNCTAD), as well as the European Union (EU) to craft the competition law.