Madam Deputy Speaker, the National Economic, Development and Labour Council's framework response to the international economic crisis highlighted this aspect of food cartels and emphasised that one should act against these cartels and any collusion that resulted in inflated food prices.
This matter was also emphasised during the Minister's first budget speech earlier this year. Today we see the fruits that the strengthening of the competition authorities has borne.
We, as the ACDP, welcome today's announcement on the R855 million settlement with Pioneer Foods: the largest such settlement in South Africa's history. Besides the large administrative fine, which Treasury will no doubt welcome, we, as the ACDP, particularly support the innovation of the agroprocessing competitiveness fund to improve competitiveness in this food sector.
The reduction in the price of bread flour is to be welcomed. Bread is the key staple food for many millions of South Africans. However, we as parliamentarians, as the Minister indicated, must ensure that the benefits are passed on to the consumer.
Lastly, we commend the competition authorities on this landmark historic settlement. Thank you.