Minister of Industry, Trade and Tourism Salim Bagus has advised businesses to produce goods that can compete on the global market.
Speaking on Thursday in Mangochi during the commemoration of this year’s World Competition Day organised by Competition and Fair Trading Commission (CFTC), the minister urged budding entrepreneurs to establish various business enterprises to compete with the existing ones.
Bagus said businesses should think of being competitive on the market as competition regulates pricing, encourages innovation, advancement in technology and improves quality of goods and services.
“We have to encourage competition among traders as this will help the market to grow fast; hence, stimulating the economy,” he said.
The minister, however, took advantage of the event to warn businesses to desist from engaging in any anti-competitive business practices such as price fixing, cartels, unauthorised resale price, predation, tying and bundling, among others.
“Let me warn buisnesses that you should not take advantage of poor farmers to dupe them because anyone who will be caught cheating Malawians will face the law,” saidBagus.
In her remarks, CFTC acting executive director Martha Kaukonde said her organisation wants effective competition from businesses; hence, holding the event to raise awareness.
“Competition among businesses offers a wide range of benefits. Therefore, we want it to be promoted to better lives of Malawians,” she said.
Mangochi Central legislator Victoria Kingston said the commemoration was timely as the district is a hub of businesses.
The event was held under the theme The Role of Traders and Business Enterprises in Ensuring Effective Competition on the Market.