Introductory Remarks By The Hon. Tan Sri Dato’ Seri Siti Norma Yaakob, Chairman Of The Malaysia Competition Commission
Introductory Remarks by The Hon. Tan Sri Dato’ Seri Siti Norma Yaakob,
Chairman Of The Malaysia Competition Commission
1st MyCC Competition Law Conference, New Standards for Business in Malaysia,
KLCC, Kuala Lumpur
Date: 25 Sep 2013
Assalamualaikum Warahmatullahi Wabarakatuh,
YAB Tan Sri Dato’ Haji Muhyiddin Haji Mohd Yassin;
Deputy Prime Minister of Malaysia
YB Dato’ Hasan Malek;
Minister of Domestic Trade, Co-operatives & Consumerism,
Y.Bhg. Dato’ Saripuddin Kassim;
Secretary General of the Ministry of Domestic Trade, Co-operatives & Consumerism cum Member of the Commission
Distinguished Members Of The Commission;
Madam Shila Dorai Raj;
Chief Executive Officer of MyCC,
Distinguished Speakers, Members of the media,
Ladies and Gentlemen,
A very good morning to everyone.
Welcome and Selamat Datang to the “1st MyCC Competition Law Conference – New Standards for Business in Malaysia”. On behalf of the Malaysia Competition Commission (MyCC), I would like to extend our warmest welcome to all foreign participants especially those who have travelled from afar to participate and support this first Conference. A special thanks also to our colleagues from the ASEAN member states as well as colleagues from Hong Kong and Pakistan, and many other jurisdictions who are here today to participate one way or another in this Conference. Last but not least a special welcome also to our Malaysia participants, I believe that we have more than 300 of them here from different backgrounds.
I am deeply honoured to be here today as this event is an auspicious one for Malaysia and forMyCC, as we witness the opening of this inaugural Conference. I am also grateful and honoured with the presence of our Deputy Prime Minister of Malaysia, Yang Amat Berhormat Tan Sri Dato’ Haji Muhyiddin Haji Mohd Yassin. My gratitude also goes out to our Minister of Domestic Trade, Cooperatives & Consumerism, Yang Berhormat Dato’ Hasan Malek for the support and encouragement given throughout the preparation of this Conference.
Distinguished Guests, Ladies & Gentlemen,
As most of you may be aware, the Competition Act 2010 and the Competition Commission Act 2010 were enacted on June 10, 2010 and came into force on January 1, 2012. The MyCC was established on 1 April 2011 to enforce the provisions contained in the Competition Act 2010. The introduction of Malaysia’s Competition Act 2010 indicates a progressive step for Malaysia as it lays the foundation for a more competitive environment which will eventually contribute towards a higher Gross Domestic Product (GDP).
The growth of competition law worldwide over the last decade has been significant. In 1995, none of the ASEAN countries had implemented a national competition law. Today, 6 out of 10 ASEAN countries, including Malaysia, have various forms of competition laws in place, with the remaining countries making good progress in establishing their national competition laws by 2015.Malaysia has joined the ranks of more than a 130 countries now with a competition law regime.
Distinguished Guests, Ladies And Gentlemen,
“The 1st MyCC Competition Law Conference – New Legal Standards of Doing Business in Malaysia” will serve as a platform to create awareness of the existence of the Competition Act 2010, its purpose and the consequences of non-compliance. At this conference, I do hope delegates will benefit from listening to experiences from the many experts here today from across the globe, jurisdictions and industries, share knowledge and exchange insights with them. This 2-day conference aims to assist practitioners as well as the public to get a better understanding of the Competition Act 2010 as well as how some of the issues may be interpreted by the MyCC.
Since the Competition Act 2010 was enacted and the MyCC created, the MyCC has been recommending that all businesses undertake a review of their agreements, conduct and procedures for compliance with the Competition Act 2010. As most of you may be aware, today, our YAB Deputy Prime Minister will launch the “Competition Act 2010 – Compliance Guidelines” which is a general guide that provides an outline of what businesses should take into account when drawing up a compliance programme. I do hope that the business community ensures compliance to this act becomes a top priority for your organisation to enable the country move towards a healthy business environment.
Distinguished Guests, Ladies And Gentlemen,
Before I end, let me once again thank everyone here today for making it possible for MyCC to host this Conference and to YAB Deputy Prime Minister for taking time off from his busy schedule to grace this occasion. For participants present here today, please take every opportunity possible to get the knowledge and information that you may need towards a better understanding of the law. My special thanks to the MyCC secretariat and the Ministry of Domestic Trade, Co-operatives & Consumerism (MDTCC) who have been working tirelessly in ensuring the success of this event.
I wish you all a good conference and thank you for your kind attention and participation.
Wabillahitaufikwalhidayah, wassalamualikum w.b.t.