Competitiveness Bill submitted
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The Ministry of Commence has submitted a new bill that is designed to ban business monopolies.
At the parliament session last week, Union Minister Win Myint unveiled the legislative draft for the regulating of business partnerships and setting a cap on market share in order to prevent market dominance.
“Offenders of the monopoly ban will be penalised with a fine up to Ks 5 million (Bt166,600) and a jail term of no more than three years or both,” Win Myint said.
The draft of the Competitiveness Bill allows the filing for appellate review within 60 days of the lower court’s decision.
The draft provisions are meant to protect small and medium enterprises, to promote free and fair markets and prevent business speculation.
In regard to market dominance, the draft permits a 30 per cent market share for companies operating a single business, 50 per cent for those with two businesses, 65 per cent for those with three businesses and 75 per cent for those with four or more businesses.
The draft empowers the formation of Myanmar Competitive Market Commission, which will be an autonomous agency. The commission’s chairperson will have a union-level mandate.
Among its tasks, the commission will be empowered to serve notice and ban offenders of the monopoly ban.
It will also mandate to the blacklisted and suspend business operation of any offending company.
MPs are required to submit their names by today if they want to take part in debating the bill.
