KUALA LUMPUR: Public consultation efforts will provide a fresh perspective for improving the Competition Act 2010 (Act 712), says the Domestic Trade and Consumer Affairs Ministry.

       Its secretary-general Azman Mohd Yusof (pic) said the sessions with the public, organised by the Malaysia Competition Commission (MyCC), were important to obtain input from various stakeholders in a bid to strengthen the Act.

       “The input will be compiled and shortlisted for discussion by the ministry before being brought to the Cabinet.

       “This will then be brought to Parliament, hopefully by the end of this year. Dragging it longer could lead to unwanted incidents,” he said in his speech at MyCC’s Public Consultation on Amendments to the Competition Act 2010 on Wednesday (June 8).

       Also present was MyCC chief executive officer Iskandar Ismail and commission member Nasarudin Abdul Rahman.

       Azman added that the planned amendments also aimed to improve the Act's investigation and enforcement aspects.

       “This allows investigations into mergers (to see if they) are genuine, or planned to monopolise markets, (as well as) action to be taken.

       “Similarly, the objective of amendments to the Act is to make the contents more specific (to) be easily interpreted for implementation,” he said.

       Efforts to amend the Act began in 2019 but were postponed because of the Covid-19 pandemic.

       The amendment is in line with MyCC's aim of establishing optimal and harmonious economic activities among industry players, sellers and consumers, with the government as a facilitator.