Egypt’s Prime Minister Mostafa Madbouly witnessed the signing of a cooperation protocol on Wednesday between the Ministry of Public Enterprise and the Competition Protection Agency and the Prevention of Monopolistic Practices.
The protocol aims to increase cooperation between the two parties to improve the country’s business climate in a manner that serves the national economy.
The protocol was signed by Minister of Public Enterprise Mahmoud Esmat and Head of the Competition Protection and Anti-Monopolistic Practices Authority Mahmoud Mumtaz.
Following the signing, Esmat clarified that this protocol comes within the framework of the ministry’s goal to manage the state’s investments in public enterprises, supervise them, and evaluate the results of their work.
This in addition to working on taking the necessary decisions to restructure state investments and correct the financing structures of these enterprises to preserve the rights of the state, as well as the supervision of human development programmes for the leaders of these companies.
“The ministry is keen for companies to start their economic activities within a framework of competitiveness within the Egyptian market, and the ministry is exerting efforts to develop and improve the performance of holding companies and their subsidiaries in various economic sectors to achieve a comprehensive and radical development of this important and strategic sector for the benefit of the national economy,” Esmat said.
For his part, Mumtaz said that the authority is entrusted with protecting the rules of competition within the scope of the country and exercises its jurisdiction over all persons who engage in any economic activity to ensure the removal of any impediments to market entry, expansion, or exit.
This is in order to improve the environment for carrying out business transactions, provide an appropriate competitive environment to attract investments, and enhance the efficiency of the national economy.
He also stressed that this protocol comes as an expression of the will of the ministry and the authority to unify their efforts to promote common interests and achieve the goals of the Egypt 2030 Vision for Sustainable Development.
Furthermore, he explained that under the protocol, opinions and consultations will be exchanged on matters of common interest between the two parties and joint studies will be prepared on competition in various economic sectors, especially in which companies affiliated with the ministry carry out their activities, in addition to holding training courses and workshops for the entities affiliated with the ministry on a regular basis.
Finally, Mumtaz called for raising awareness of the provisions of the Competition Protection Law and the best international practices regarding competition promotion.
Under the protocol, technical support will be provided by the authority to employees of the ministry and its affiliated entities on how to confront collusion in government contracts within the framework of the agency’s No Collusion in Government Contracts campaign.
