March 1, 2015
– Anyone in business that injures the public interest through monopolisation or the manipulation of prices with the intent of endangering fair competition in economic activities shall be given a prison sentence of up to three years, fined Ks15 million or both, says the new Competition Law.
“We pledged to enact the law by 2015. Our country needs a competition policy, as its economy is now open. It really needs one. We held a workshop on the issue in Nay Pyi Taw recently. The educational“ period will last one or two years before it is enforced. If a case evidently violates the law, we will take action. More education programmes on the law should be arranged,” said deputy director Thein Myint Wai from the Ministry of Commerce.
An order from the president will make the law effective.
The law prohibits unfair and deceptive advertising and sales promotions. In particular, entrepreneurs must not compare their goods or services with products offered by competitors, imitate other adverts, give misleading information about the price, amount, quality or other characteristics of goods.
(Eleven Myanmar)