Multiracial business collaborations can prevent monopolies - Radzi

PARLIAMENT | Strategic collaborations between bumiputera and non-bumiputera entrepreneurs, including those involving all industry players, can create genuine businesses and healthy competition in an open market, says Deputy Economic Affairs Minister Mohd Radzi Md Jidin.

Radzi said such collaborations, not just in retail but also in wholesale and manufacturing, would also boost and protect competition, as well as prevent monopolies while providing for more equal market opportunities for all communities.

“This will strengthen socioeconomic growth, putting businesses in a better and stronger position locally and overseas, by increasing productivity, which increases opportunities for all parties,” he said during the question-and-answer session at the Dewan Rakyat sitting here today.

Radzi was replying to a question from Ahmad Hamzah (BN-Jasin) on breaking the monopolies in the supply chain so that it is more inclusive and fair.

He added that the government really hoped that all relevant parties, specifically government agencies and industry players worked together to create a more efficient market and resolve the problem of monopolies.

Radzi said on June 20, the government set up an inter-ministerial committee to review monopolies in services and supplies, chaired by Economic Affairs Minister Mohamed Azmin Ali.

The role of the committee was to plan and identify the need to change policies and strategies and review all concession agreements for government service and supply monopolies, so as to create a more effective, transparent, friendly and competitive market.

The government would also implement initiatives to help entrepreneurs in small and medium-scale industries compete in a healthy market through sponsorship and funding programmes which are open to all races.

- Bernama