Mahmoud Momtaz, the head of the Egyptian Competition Authority (ECA), has said that the economic policy of the Egyptian state is based on supporting a competitive environment for economic activities.
He added that Article 27 of the Egyptian Constitution stipulates that the economic system aims to achieve prosperity through sustainable development and social justice, to guarantee enhancing the true growth rate of the national economy, the living standards, increasing job opportunities, reducing unemployment rates, and eliminating poverty.
During the conference on enhancing competitive neutrality on Wednesday, he stated that the economic system adheres to the standards of transparency and governance. It also works to support competition, encourage investment, create balanced growth geographically, sectorally, and environmentally, and to prevent monopolistic practices, taking into account financial balance, the fair tax system, and market mechanisms, which guarantees different types of ownership and strikes a balance between the different interests of different parties.
Momtaz stressed that applying the principles of competitive neutrality within the Egyptian market is one of the most important factors that guarantee an increase in domestic and foreign investment flows, which is reflected positively on economic growth rates and benefits the consumer and the economy as a whole.
He also pointed out that the policy of competitive neutrality ensures that all companies operating in the market, whether local or foreign, or regardless of whether they are state-owned or private, compete according to the same regulatory framework, without the slightest discrimination.
“The Egyptian government has adopted the strategy of ECA for 2021-2025. It is in line with Egypt’s Vision 2030 and the Sustainable Development Goals, of which the second strategic objective was devoted to limiting legislation, policies, and decisions that restrict freedom of competition.
Momtaz said that ECA has developed a special strategy for competitive neutrality, which was approved by the cabinet in the session held in May 2022.
He stressed that the principles of competitive neutrality are of great necessity to encourage investment and innovation, and increase productivity and employment in order to ensure a fair competitive environment and improve the performance and ranking of the Egyptian economy in the most prominent economic indicators.
© 2022 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).