Malaysia Needs To Create Competition Policy

KUALA LUMPUR, March 10 (Bernama) -- The proposal to create a competition policy will be submitted to the Malaysia's Domestic Trade, Cooperative and Consumerism Ministry for consideration and approval. Malaysia Competition Commission (MyCC) chief executive officer Abu Samah Shabudin said the policy proposed by several panelists at the 7th ASEAN Competition Conference on Wednesday carried considerable weight to be implemented in the country. "The existing policy is more on fair trade, and it is hoped that the proposal (for competition policy) will get the green light from the ministry's top management. "It will indeed benefit the industry players and consumers alike. It is high time for us to collaborate with other competition-related agencies to realise the proposal," he told Bernama after the closing of the conference here Thursday. The two-day conference aimed to foster and shape the direction of competition law by encouraging the building of strong institutional and enforcement mechanisms to foster a more competition-aware region. On Wednesday, MyCC Chairman Siti Norma was reported as saying that ASEAN needed a strong competition law and policy that could elevate ASEAN's competitiveness in the global market. --BERNAMA