A national policy to protect competitiveness is much needed to fend off monopoly, boost quality of products and decrease prices for consumers, said a number of economic experts on Wednesday.
In a dialogue session on the sideline of the “boosting competitiveness.. challenges and ambitions” conference, experts agreed that governments must enforce fairness in the market to encourage positive competition to protect the rights of producers and consumers.
Delivering his speech to the conference — organized by the Kuwaiti Competition Protection Agency (CPA) in collaboration with the United Nations Economic and Social Commission for Western Asia (ESCWA) — acting head of the economic affairs department at the CPA Dr. Nasser Al-Shammi affirmed the importance of detailing strategies and mechanism for fair competition.
Policies must concern development of economic infrastructure and the government’s role in operating the main sectors in the country to achieve the fair competition, he affirmed.
The CPA had begun a national policy to issue commercial permits and this is the starting point for the overall plan to protect competition in Kuwait, he affirmed On head of Egyptian Competition Authority (ECA) Dr. Mohammad Momtaz displayed to the conferees his country’s efforts within protecting competition.
Being partial in competition required a commitment to providing top quality for products without interference, he said.
He noted that various government entities must also cooperate to ensure that all have an equal opportunity in any economic market.
He went on to say that, legislations must also fair competition without being overstepping the rights of both producers and consumers.
Chairman of Organization for Economic Co-operation and Development’s (OECD) competition committee Frederic Jenny noted that protecting competition could not occur without cooperation between government entities.
The public sector should also be in harmony with the private sector in terms of boosting fair competition, he stressed.
Any entity claiming to protect competition must be transparent towards the masses, he said, adding that monopoly should not be tolerated the market.
Director of Competition Commission at the Common Market for Eastern and Southern Africa (COMESA) Willard Mwemba said that Africa was eager to reach partiality in competition via coming up with rules and regulations to counter monopoly and boost fair competition.
The complexity of rules and legislations concerning economy is a matter that concerns the world and efforts should be geared towards simplifying them, he said.
Source: Kuwait News Agency