Effective competition laws described as crucial in attracting FDI

THE ongoing Judges Symposium in Victoria Falls has brought to the fore the need for effective competition laws for the country to attract the much needed foreign direct investment.

Government has intervened in various ways to ensure large companies do not create monopolies using their muscle, which in turn fleeces consumers.

While speaking at the official opening of the Judges Workshop in Victoria Falls this Friday, Common Market for Eastern and Southern Africa (COMESA) Competition Commission Director and Chief Executive Officer, Dr Willard Mwemba said competition laws are the mainstay of regulation in a free market economy.

Investors always put their money in countries where they know they are protected in the event that there are issues regarding unfair competition in the market. This will ensure that their investment is protected,” he said.

Industry and Commerce Minister Dr Sekai Nzenza revealed that companies are becoming more sophisticated hence the need for the judiciary system to rise to the occasion.

“Market players have become more and more dynamic thus we really need competition laws that can help bridge gaps that may exist. This brings benefits to consumers because intense competition leads to improved economies and price reductions,” noted Dr Nzenza.

The two-day workshop, being hosted by the Judicial Services Commission (JSC), COMESA Competition Commission as well as the Competition and Tariffs Commission of Zimbabwe is focused on capacitating local judges with tools and skills to effectively adjudicate competition cases.