Tuesday, 12 October 2010

Many Traders Unclear on Malaysian Competition Act

ALOR SETAR, Oct 12 (Bernama) -- Many traders are still vague on the Competition Act 2010 which will be enforced on Jan 1, 2012 although it is aimed at creating a competitive business environment.

The Head of the Interim Competition Commission Unit, Ministry of Domestic Trade, Cooperatives and Consumerism, Shila Dorai Raj, said although there was no objection from traders and members of the public on the enforcement of the act, many business associations were still concerned that the act would affect their operations.

She said that as such, the unit would intensify efforts to give briefings on the act throughout the country from time to time.

"We have conducted briefings in Sabah, Sarawak, Johor and Negeri Sembilan. Today, we are in Kedah and Penang. We were given 18 months (before January 2012) to introduce the act to the business community," she said when met after the Malaysian Competition Act 2010 Introductory Seminar attended by about 200 people, here Tuesday.

It will prevent monopolistic activities and abuse of one's dominant position.

She said the implementation of the act could attract more foreign investors into the country because the open competition gave them more confidence.

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