‘Promoting sound competitive practices to further the attainment and maintenance of well-functioning markets for the benefit of consumers and economic operators’.
Competition is the driving force of a market economy. It encourages price and cost reductions, innovation and improvement in quality. The Office for Competition was assigned with the task of protecting competition back in 1995 with the coming into force of the Competition Act. Since then the Competition Act has been significantly amended to strengthen its deterrent effect and make it a more effective tool for curtailing restrictive practices. The role of the Office for Competition is to ensure that competition in the market is not distorted and that markets operate as efficiently as possible, thereby contributing to the welfare of consumers.