The Portfolio Committee on Economic Development today received a briefing by the Minister of Economic Development, Mr Ebrahim Patel, on the Competition Amendment Bill. The Bill seeks to clearly define market enquiry, abuse of dominance and national security interest issues in respect of the Competition Act of 1998.

The Minister elaborated to the above in detail and responded to questions posed at the previous meeting and new questions, and outlined the provisions in the Bill for consideration. In formulating the Bill, Nedlac (National Economic Development and Labour Council) tried to strike a balance between the social partners, business, organised labour and government.

The Minister also outlined the National Security Veto as it seeks to advance national security interests of the country in respect of foreign mergers and foreign acquisitions.

The Economic Development Committee has received a number of written and oral submissions. The committee will proceed with considering the oral presentations on the Competition Amendment Bill at its next sitting next week.