When monopolies are broken, more opportunities are opened for new entrepreneurs to enter the market with innovative products. theSun theSundaily economy monopoly entrepreneurs Malaysia TnG
Competition Act 2010 promotes “competitive prices, improvement in the quality of products and services and provides wider choices for consumers”.
While many laws have direct or indirect impact on consumers, the Consumer Protection Act 1999 and Competition Act 2010 are the two most crucial consumer protection laws in Malaysia. The difference between the two is the extent of the impact it has on consumers. When consumers have choices, they will mostly base them on the best deal. In a free market, suppliers need to compete on prices, quality and customer service to attract new consumers, which will ensure market efficiency. Thus, competition polices have a vast impact on the entire market, with millions of consumers benefitting.
According to a market review conducted in 2019 by the Malaysia Competition Commission , it was confirmed that one of the key reasons for the high food prices is distortions and manipulations in the food supply chain. Clearly, monopolies and cartels are the cause for the suffering of consumers, particularly those from the low and middle income, while they enjoy exorbitant profits.
Fomca has been continuously advocating for an open and free market on all essential food, medicines as well as essential services.
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