The Congress of South African Trade Unions (COSATU) has stated its support for the Competition Amendment Bill, claiming that it will have many economically-related benefits.
Announcing that they will be presenting their official submission on the Competition Amendment Bill to Parliament today at 11:00 am, COSATU released a statement on Monday, 12 November 2018, iterating its support for the Bill.
The trade union federation supports the Bill due to what it claims are many economically-related benefits such as opening up the economic playing field to previously disadvantaged individuals, economic growth, lowered prices as well as a more job-centric approach.
COSATU believes the “Bill will undo the concentration in the economy by the old white boys club, who are keeping emerging black players out”; “We believe that this bill will promote investment and lead to a reduction in prices in the SA economy,” and lastly, “We support the public interest section of the bill that will lead to a greater focus on jobs and the promotion of worker ownership.”
The trade union federation also expressed very little surprise regarding negative reactions from the business sector stating that “COSATU believes that the instances of collusion by mainly white-owned apartheid-style companies had flourished due to the previous economic practices. This bill seeks to end the rampant corruption by the old boys club, and bring the competition rules in line with many other developed countries.”
“We are not surprised that the business constituency was not very forthcoming in the negotiations, as they would like to see the old regime continuing. [The] Government must act more decisively to end the collusive and concentration practices in the SA economy, as many foreign investors are complaining about these practices. We look forward to the urgent processing of the bill so that [the] transformation of the economy can be fast-tracked.”
Public hearings in concern to the Competition Amendment Bill are taking place today, Tuesday, 13 November 2018, from 10: 00 am at the Old Assembly Chamber as well as tomorrow, Tuesday 14 November 2018, from 11:30 am in Committee Room M314.