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Forming a council for “competition and preventing monopoly”
The first 03/28/2024
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The current government efforts to control the market and inflation in general have escalated recently, after the announcement of the first steps to form the Council for “Competition Affairs and Monopoly Prevention.”
Council Advisor Dr. Ikram Abdel Aziz, in an interview with Al-Sabah, said, “The government formed this council from the public and private sectors to reinforce this principle and carry out its work in accordance with what was stated in the Competition and Monopoly Prevention Law No. 14 of 2010.”
Abdel Aziz added that “the Council will work to enhance the movement of production, trade and services, without giving any room for monopoly, economic concentration and marketing abuse,” noting that “there are certain lines that must be studied and monitored to limit these practices,” indicating that “the Council will be a supervisory and controlling body.” To move prices and prevent commercial fraud, as the law will include many provisions that prevent oral and written monopolistic practices.”
Abdel Aziz continued, “The issue of competition and preventing monopoly is important, and there is a need for awareness and cooperation of all relevant ministries and authorities,” noting the necessity of “joining efforts to support this trend, as this council will monitor and follow up on imported products and what can be produced locally.”
The council's advisor indicated that "the prospective council will cooperate with security agencies such as economic security and organized crime in order to take legal measures against violators," noting that "the council will permanently submit its reports to the Prime Minister regarding the tasks for which it was established."
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