Digital economy to maximise opportunities
UNIVERSITY of Eswatini Vice Chancellor (VC) Professor Justice Thwala is seeing opportunities in digital economy, as he noted that it will maximise opportunities in the country.
This was during World Competition Day that was hosted by the Swaziland Competition Commission (SCC) at the university. “The age of digitalization driven by the internet and characterised by automation and digitalisation of access to both goods and services has brought with it unprecedented complexity.
“This enables players to exploit and maximise opportunities in various markets,” he said. According to Thwala, the digital age is often referred to as the ‘age of disruption’ as it is characterised by rapid transformation spurred on by rapid innovation, increasingly globalised markets and an unprecedented ease of transacting from an economic perspective which has, in some countries, accounted for massive economic growth. The VC also said in digital spaces innovation has led to consumer benefits such as greater product varieties and competitive prices. “In essence digital, spaces are highly competitive environments. Though the benefits of digitalisation are innumerable, it has a fair amount of unique challenges. Regulators face the task of having to regulate territories formerly unchartered. This poses a degree of difficulty. Regulators are perpetually faced with the task of ensuring that their methods of regulation are suited to the rapidly transforming world that digitalisation creates,” he said. According to SCC’s legal advisor Thembelihle Dube, who was making a presentation during the commemoration, competition is not meant to frustrate business but was meant to grow the economy. Digital economy according to Dube, is based on digital markets that use technology and facilitate trade of goods and services through the use of e-commerce.
SPEECH: University of Eswatini Vice Chancellor (VC) Professor Justice Thwala making his remarks whilst the CEO of Swaziland Competition Commission Thabsile Langa looks on. This was during the commemoration of World Competition Day at UNESWA. (r) IN ATTENDANCE: SCC staff members listenig to one of the speakers.