Fair Trading Commission launches first ‘Competition Fair’ |24 November 2017
Prices, rivalry among firms, choices and innovation are some words that are most often than not linked to competition. Competition itself can simply be described as a situation where different businesses sell products and provide services at prices to attract consumers and potentially gain a portion of the consumers to buy from them and not from their competitor in the same market.
This process of rivalry between businesses is not an exception to Seychelles as we also have several sectors or markets which are very competitive and this process can be clearly seen. Examples of this latter process is the retail sector, the telecom sector, insurance sector, among others.
Competition is the backbone of many economies both big and small and broadly accepted as the best available tool for promoting consumer welfare.
In cognisance of the importance of competition, the commissions or authorities around the world that regulate competition in the various markets and sectors celebrate competition every December 5 each year. To emphasise the importance of competition and its process, activities such as conferences, lectures, trainings, radio shows, road shows and competition fairs are organised.
For the first time the Seychelles Fair Trading Commission (FTC) which also houses the Competition Department which administers the Fair Competition Act, 2009, is organising a Competition Fair with the theme ‘A Fair Competitive Playing Field Matters!’ The goal of the event is to provide the public and businesses with information on how competition works in the various sectors of the economy.
As such, the commission has invited businesses to show case their services and products to promote competition. The commission will also take this opportunity to provide clarity in its role in Seychelles economy by providing the reasons why a fair, competitive field matters.
The fair will also be an opportunity to take stock of the achievements of the FTC vis-à-vis the arduous task of maintaining and preserving competition in Seychelles.
To briefly paint a picture of competition in Seychelles since the inception of the FTC in 2009 to date, 92 competition cases including enquiries have been lodged or initiated. All cases are investigated in a bid to ensure that competition is progressing as per the Fair Competition Act, 2009 and not in contravention of any of its provisions.
The commission has also done 14 Opinion Reports and advocacy letters to advise the government on issues that could lessen or harm competition in the country while providing possible solutions to encourage competition and maintain a sound competition process in relevant sectors of the economy.
The commission has also done several trainings and conferences of which the most recent conference is the one conducted on Praslin in May this year.
Competition is not only a concern or matter that only businesses should be concerned about but it is like a motor that if well-kept produces benefits for consumers in the form of reduced prices, increased choices, improved quality and increased innovations.
Therefore, the time to join forces is now. By staying informed and reporting companies that consumers and enterprises alike think are not acting in a fair, competitive manner you are doing your bit to ensure businesses keep delivering the benefits of competition.
If you want to know more, please join us on November 25 - 26 for our Competition Fair!!
Contributed by FTC