Posts Tagged ‘business’
Press release from the Prime Minister’s Office. By command of His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam, the Prime Minister’s Office hereby announces that His Majesty has consented to the establishment of the Competition Commission of Brunei Darussalam, an independent body that is mandated to promote business competition in Brunei Darussalam economic landscape through the enforcement of the Competition Order 2015.
His Majesty the Sultan dan Yang Di-Pertuan Negara Brunei Darussalam has also consented to the appointment of Yang Mulia Dato Paduka Eddie bin Dato Paduka Haji Sunny as the Chairman of the Competition Commission, together with six members of the Commission. The members are Yang Mulia Awang Haji Mohammad Azmi bin Haji Mohd Hanifah, the Permanent Secretary (Industry) at Prime Minister’s Office; Yang Mulia Dr Awang Haji Abdul Manaf bin Haji Metussin, the Permanent Secretary at Ministry of Primary Resources and Tourism; Yang Mulia Awang Haji Abdullah Soefri bin Pehin Orang Kaya Saiful Mulok Dato Seri Paduka Haji Abidin, the Assistant Solicitor General at the Attorney General’s Chamber, Prime Minister’s Office; Yang Mulia Director General of Department of Economic Planning and Development (JPKE), Prime Minister’s Office; Yang Mulia Awang Mohammad Harris bin Brigadier Jeneral (B) Dato Paduka Haji Ibrahim, Head of FDI Action and Support Centre (FAST) Division, Prime Minister’s Office; and Yang Mulia Dr Joyce Teo Siew Yean, Assistant Vice Chancellor (Global Affairs), Universiti Brunei Darussalam.
The establishment of the Competition Commission of Brunei Darussalam and the appointments of the Chairman and members of Commission are effective from 08 Zulkaedah 1438H corresponding 01 August 2017M.
The objective of the Competition Order 2015 is to promote and maintain fair and healthy competition to enhance market efficiency and consumer welfare in Brunei Darussalam. In line with this, the Competition Commission will oversee and act on competition matters as mandated in the Order. This includes adjudicating anticompetitive cases and imposing penalties on companies found to infringe the Competition Order 2015.
The Competition and Consumer Affairs Department is established under the Department of Economic Planning and Development, to serve the Competition Commission as their investigative and administrative arms. The Department is also responsible in carrying out functions such as advocacy, receiving complaints and conducting market reviews.
Before the enforcement of the Order, a transitional period will be introduced. The transitional period will phase in after advocacy work in familiarizing and developing a competition-aware culture in Negara Brunei Darussalam has been carried out.
The Competition Order 2015 will be enforced in phases starting with the prohibition of anti-competitive agreements and practices. This phased approach serves to give all parties sufficient time to prepare for the orderly enforcement of this Order.
The introduction of the Competition Order 2015 and the establishment of Competition Commission of Brunei Darussalam underscores the efforts of the Government of His Majesty the Sultan and Yang Di-Pertuan Negara Brunei Darussalam in achieving a sustainable economic growth in line with the economic goals of Wawasan Brunei 2035. It also signifies the commitment of Brunei’s Government in fulfilment of the goals of the ASEAN Economic Community. The Competition Order 2015 is intended to address any competition-related concerns and maintain proper functioning of markets, provide certainty and enhance investors’ confidence, as well as an important safety net that safeguards the interest of local business players and consumer welfare.