Competition is good for the country, says watchdog

THE Independent Consumer and Competition Commission (ICCC) says strong competition is good at this time when the country is “experiencing challenges in the economy”.
Commissioner and chief executive Paulus Ain was speaking in Port Moresby on Tuesday when welcoming the amendments made in Parliament last week to section 81 and 82 of the ICCC Act.
He said after all forms of Government policy and direct interventions, the economy did not seem to be responding.
“Competition itself will solve the market problem itself,” Ain said.
He said a case in point was within the telecommunications sector.
“If there are behaviours in the market that restrict competition, I think this amendment will help us in a long way,” Ain said.
“There are people out there saying that the economy is too small to experience competition .
“If you see two aggressive competitors playing in this economy, then you will see the results translating to the various rural and remote sectors of our economy.
“I strongly believe in competition, and to some extent advocate that competition should be mostly introduced.
“Ensure that there is rampant competition in the economy.
“This is one of the good milestones we achieve for the economy through this amendment.
“Competition is the tried and proven way to efficiency, lower costs and better quality of goods and services.
“Competition is central to the efficient operation of markets.
“It fosters innovation, productivity and economic growth, which creates wealth, improves living standards and reduces poverty.
“Through competition, business become more efficient and innovative.
“Consumers and small businesses benefit in terms of lower prices, and increased choice of better quality goods and services through competition.”