Lack of competition to drive business

THERE is lack of competition to drive business growth and service delivery in the country, according to Independent Consumer and Competition Commission (ICCC).
Chief executive Paulus Ain said more competition would encourage a drop in the price of goods and services making them more affordable.
Ain was speaking during the 2019 World Competition Day seminar in Port Moresby yesterday.
“The seminar’s main aim is to advocate for competition policy and law, including the benefits of effective competition in an economy and for consumers as well,” he said.
“At this stage where the country is going through this economic period, the ICCC is there to promote competition.
“We want to encourage the people to understand and know more about competition.”
Ain said people needed to change their mindset and “think competition” by comparing prices and maximising the use of their money.
“Don’t be ignorant and go to shops that you can’t afford and give your money then later complain to ICCC to reduce the price,” he said.
“Let’s be practical, live within our means, compare prices and get the maximum benefit of the value of your kina.”
The seminar’s sub-theme was, “Competition law, intellectual property and small-medium enterprises: The PNG perspective”, because ICCC noted in recent years the work of local designers and artists being copied.
This resulted in local designers losing out on deserved revenue and possibly being discouraged from continuing with their creativity and innovations.
Ain said this was important for intellectual property (IP) rights for the development of SMEs in the country.
Ain said IP rights provided an incentive for SMEs to be creative and innovative in developing new ideas, business models, products and designs.