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By  |  November 18, 2013

Curacao will welcome a competition regulator next year, according to the Minster of Economic Development, say reports.

Minister Stanley Palm announced last week that an authority to promote competition in the nation seems a natural advancement for the nation following an inquiry by the Ministry of Economic Affairs. That inquiry reportedly found monopolies in various markets within the nation.

Further, Palm said, the study found evidence of possible collusion and price-fixing in various companies and sectors throughout the island, especially within road construction, pharmaceuticals and telecommunications.

The process to establish a competition regulator began for Curacao in 2008 and authorities reportedly sought aid from the Netherlands on how to establish such a government body. The nation has also drafted the Competition Act, which will require passage from Parliament.

Full Content: Curacao Chronicle

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