Published On: Sat, Nov 16th, 2013

Curacao gets competition regulator

de palmWILLEMSTAD – The Minister of Economic Development, Stanley Palm announced this week that Curacao will have its competition regulator starting next year. According to the Minister most developed countries have a competition regulator and it seems fit that Curacao should have one.

The Ministry of Economic Affairs has done a research and found that there has been a monopoly in a number of sectors here on the island. According to the Minister, there is an indication that some companies have tried to eliminate competition through illegal means, such as price fixing. These companies are in the construction sector, especially road construction, telecommunications (internet) and pharmaceutical.

"The process was already started in 2008, but it appeared that it was not possible to introduce it fast and easy,” said the Minister. “The wheels need not to be reinvented. We have asked an expert from the Netherlands who has also drafted a bill like this to assist us starting January of 2014. It works fine in the Netherlands, so why would it not work here?”

The Competition Act is a guard system, especially for consumers. "Because companies are mutually fixing prices, consumers pay a price on the high side. The introduction of the law will benefit consumers,” according to the Minister.

“The bill proposal will have to be presented to the Advisory Council and to Parliament. We are trying to have it ready for the end of 2014 and execute it through Parliament,” Minister Palm indicated.

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