With the consent of His Majesty Sultan Haji Hassanal Bolkiah Mu'izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar 'Ali Saifuddien Sa'adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam, the Competition Commission of Brunei Darussalam (“CCBD”) was established on 1 August 2017.
The CCBD is mandated to promote business competition in Brunei Darussalam economic landscape through the enforcement of the Competition Order. The Order has the objective to enhance economic efficiency and to improve consumer welfare through fostering an economy that is free from unfair and unhealthy competition. In line with this, the CCBD will oversee and act on competition matters as mandated in the Order. This includes adjudicating anti-competitive cases and imposing penalties on companies found to have infringed the Competition Order.
The Competition and Consumer Affairs Department under the Department of Economic Planning and Statistics, Ministry of Finance and Economy has also been established on 1 August 2017. The Department is the Executive Secretariat to the CCBD, that administers the day-to-day affairs of the CCBD as well as carries out functions such as advocating Competition Order to key stakeholders, receiving complaints, investigating anti-competitive cases and conducting market reviews.
The introduction of the Competition Order and the establishment of the CCBD underscores the efforts of the Government of His Majesty the Sultan and Yang Di-Pertuan Negara Brunei Darussalam to strengthen market efficiency towards achieving sustainable economic growth, in line with the economic goals of Wawasan (Vision) Brunei 2035.