Latest news with #EgyptianCompetitionAuthority
Web Release
07-05-2025
- Business
- Web Release
Ministry of Economy signs MoU with Egyptian Competition Authority enhancing cooperation in fields of competition & combating monopolistic practices
News Business and Economics By Editor_wr Last updated May 6, 2025 The Ministry of Economy signed a Memorandum of Understanding (MoU) with the Egyptian Competition Authority (ECA) to enhance cooperation in the fields of competition protection and combating monopolistic practices, contributing to promoting a fair business environment in both countries. The signing took place on the sidelines of ECA's annual conference held in Egypt. The MoU was signed by H.E. Safeya Hashem Al-Safi, Assistant Undersecretary for the Commercial Control and Governance Sector at the UAE Ministry of Economy, and Dr. Mahmoud Momtaz., Head of ECA. H.E. Safeya said that the signing of the MoU reflects the Ministry of Economy's commitment to expanding its regional and international partnerships in the field of competition, adding that cooperation with ECA will support efforts to achieve more market transparency, enhance investor confidence, and serve the interests of consumers in both countries. The Assistant Undersecretary explained that the agreement is an effective framework for enhancing institutional cooperation between the two sides in the field of competition protection. It contributes to the development of relevant policies and procedures, positively impacting the business environment in both countries and empowering businesses to address monopolistic practices, as well as supporting efforts for sustainable economic development. The MoU, which spans four years and is automatically renewable, stipulates cooperation on several fronts, including the exchange of experiences, knowledge, and best practices, the organization of training programs and joint workshops, as well as the exchange of information and specialized studies. Additionally, it aims to enhance capabilities in the areas of examining economic concentration processes and investigating violations. The MoU also allows both parties to benefit from the United Nations Conference on Trade and Development (UNCTAD) centre for competition training for the Middle East and Africa region, based in Cairo. The MoU falls within the framework of the growing relations between the UAE and Egypt, and supports joint efforts to enhance Arab economic integration, in line with the 'We the UAE 2031' vision aimed at building a competitive, open, and sustainable economy, and Egypt Vision 2030, which seeks to establish a competitive and diversified knowledge-based economy. Prev Post DGHR holds first awareness workshop for 'Research Awards 2025' Comments are closed.
Daily News Egypt
28-04-2025
- Business
- Daily News Egypt
ECA conference: Experts highlight role of competition law in driving economic growth
At the Egyptian Competition Authority's (ECA) second annual conference on Monday, experts underscored the critical role of competition law in addressing global economic and social challenges and promoting sustainable growth. Alexey Ivanov, Director of the International BRICS Competition Law and Policy Centre and Academic Supervisor of the HSE Technology Transfer Centre, stressed the importance of competition authorities in navigating today's complex global landscape. In his speech, Ivanov pointed to significant challenges in the global grain market, particularly a lack of transparency and monopolistic practices by major traders. He called for urgent structural reforms, advocating for the establishment of a more transparent and efficient grain exchange platform to better protect the interests of consumers and importing nations. Ivanov also highlighted Egypt's strategic position as a bridge between regions and its potential role in working with BRICS countries to enhance transparency and strengthen market regulations, particularly within the grain sector. He concluded by urging greater international cooperation among competition authorities to support sustainable economic growth that benefits both developing countries and consumers. Meanwhile, Maxim Yermalovich, the Eurasian Economic Commission (EEC) Minister in charge of Competition and Antitrust Regulation, emphasized Egypt's importance as a key partner of the Eurasian Economic Union (EAEU) in the Arab world and Africa. Speaking at the conference, Yermalovich noted the strong trade ties between Egypt and EAEU member states, with bilateral trade surpassing $8bn last year — a testament to the positive momentum in their economic relations. He also praised Egypt's active participation in regional initiatives such as the African Continental Free Trade Area (AfCFTA) and COMESA, as well as its recent accession to the World Trade Organization, all of which further enhance its cooperation with the EAEU. Yermalovich highlighted ongoing efforts to deepen collaboration through joint meetings on cross-border competition issues and the development of new mechanisms to promote fair practices in international markets, particularly in e-commerce and goods markets, contributing to global trade stability. William Kovacic, Professor of Competition Law at George Washington University and former Chair of the US Federal Trade Commission, also addressed the conference, describing competition as a fundamental driver of economic performance. Kovacic explained that competition fosters innovation, drives down prices, and improves product quality, all of which are essential for sustainable economic growth. He cited public procurement — which accounts for about 15% of Egypt's GDP — as a prime example where enhancing competition could yield significant benefits across sectors such as education, healthcare, transportation, and infrastructure. Highlighting the broader social impact of competition policy, Kovacic stated: 'By relying on free markets, competition laws ensure that citizens fairly share in economic growth, creating an environment where individuals can succeed and reach their full potential, ultimately enhancing societal well-being.'
Egypt Today
28-04-2025
- Business
- Egypt Today
Egypt's Private Sector Investments Surge by Nearly 80 Percent Amid Economic Reforms
Ahmed Kouchouk, Egypt's Minister of Finance, announced that private sector investments have risen by almost 80 percent — the highest rate seen in years — as a result of recent government reforms aimed at fostering competitive neutrality. Speaking at the Second Annual Conference of the Egyptian Competition Authority on Monday, Kouchouk revealed that ten major projects are scheduled to be activated this year. He emphasized that these projects highlight the importance of continuing to apply the principles of competitive neutrality, which are essential for promoting fair market practices. Kouchouk explained that the State Ownership Policy Document has outlined clear principles and a strategic vision, reflecting the government's commitment to gradually withdraw from certain sectors of the economy. This approach is designed to strengthen the free-market system and empower private sector participation. These efforts, he noted, are part of a broader government strategy to attract more investments, improve the overall business environment, and support sustainable development. The projects expected to launch this year are anticipated to create significant job opportunities and contribute to boosting economic growth across multiple sectors. The Minister underlined the need for strong coordination among all concerned institutions to ensure the success of these initiatives. He stressed that reinforcing transparency and maintaining fair competition are key pillars for the ongoing development of Egypt's economy. Kouchouk also pointed out that several sectors have shown strong performance over the past six months. The tourism sector recorded a growth of 13.1 percent, the manufacturing sector grew by 12.4 percent, and the communications and information technology sector expanded by 15.1 percent. Meanwhile, Egypt's overall economic growth rate rose from 2.5 percent to 3.9 percent during the period from July to December 2024.
Egypt Today
28-04-2025
- Business
- Egypt Today
Egypt's Private Sector Investments Jump Nearly 80 Percent Following Economic Reforms
CAIRO - 28 April 2025: Private sector investments in Egypt have soared by nearly 80 percent — the highest rate recorded in years — following government initiatives to foster competitive neutrality, Finance Minister Ahmed Kouchouk announced. Speaking at the Second Annual Conference of the Egyptian Competition Authority on Monday, Kouchouk revealed that ten major projects are scheduled for activation this year. He emphasized that the commitment to competitive neutrality remains vital to maintaining this investment momentum. Kouchouk highlighted the significance of the State Ownership Policy Document, which lays out clear principles and a strategic vision for Egypt's gradual withdrawal from select economic sectors. This shift is designed to strengthen the free-market economy and empower private sector growth. These reforms, he noted, are part of a broader government strategy aimed at attracting more investments, improving the business environment, and advancing sustainable development. The planned projects are expected to create new employment opportunities and drive growth across multiple sectors. The minister stressed the need for close coordination among all stakeholders to ensure the success of these initiatives, adding that enhancing transparency and promoting fair competition are key pillars in modernizing Egypt's economy. Kouchouk also pointed to significant sectoral growth over the past six months: tourism expanded by 13.1 percent, manufacturing by 12.4 percent, and the communications and information technology sector by 15.1 percent. Overall, Egypt's economic growth rate climbed from 2.5 percent to 3.9 percent during the period from July to December 2024.
Daily News Egypt
08-03-2025
- Business
- Daily News Egypt
ECA hosts EU delegation to discuss national competition strategy
The Egyptian Competition Authority (ECA), led by Mahmoud Momtaz, recently welcomed a high-level delegation from the European Commission to discuss advancements in competition policies across various markets and economic sectors. The delegation, headed by Annika Eriksgaard, Head of the Directorate-General for Economic and Financial Affairs at the European Union, included representatives from the Ministry of Planning and the UN Trade and Development (UNCTAD). During the meeting, the delegation was briefed on the steps taken by the Egyptian government to support the Competition Protection Authority and promote competitive neutrality. The discussion also covered the authority's pre-merger control powers, granted through amendments to Law No. 3/2005, and the latest developments in enforcing competition laws and policies across different sectors and markets in Egypt. The review of the National Strategy for Supporting Competition Policies and Competitive Neutrality highlighted Egypt's initiatives and their positive impact on the country's global economic indicators. Additionally, the meeting focused on enhancing cooperation to promote competition policies and combat monopolistic practices. Furthermore, the delegation was introduced to the UNCTAD Training Center for Competition Protection in the Middle East and Africa, which plays a crucial role in training competition authority personnel across the region.
