Teo Eng Cheong, May 14, 2010
Singapore has been consistently ranked among the world’s most competitive economies by renowned reports such as the World Economic Forum’s Global Competitiveness Report. As an open economy constantly subject to global market forces, Singapore’s strong ranking has been the result of sound competition policy in areas ranging from trade openness, human capital development, and infrastructure investment.
Hence when Singapore’s Competition Act came into force in stages between 2006 and 2007, it was an extension of Singapore’s competition policy. It was envisaged then that the Competition Act would help to boost market innovation and productivity, thus sharpening Singapore’s competitiveness in the process.
The Competition Commission of Singapore (CCS) was established to administer and enforce the Competition Act. As staying globally competitive is key to Singapore’s economic vibrancy, CCS had to be built up speedily so that Singapore could reap the benefits of competition law as quickly as possible.
Faced with this urgency to build up a new and young competition agency, CCS developed a four-pronged strategy:
- Rigorous Enforcement: Taking Our Time Swiftly
- Effective Advocacy: Innovating Routinely
- Relevant Capabilities: Building the Future Now
- Active International Relations: Going Regional and Global
And for a fun way to educate the public about the importance of competition policy, take a look at the these two comic books: Fixed and Protect Your Business: Know the Dos and Dont’s of the Competition Act.