The Competition Advocacy Contest, in collaboration with the International Competition Network (ICN), underscored the Egypt’s commitment to fostering equal opportunities in the market
Egypt was awarded by the World Bank (WB) for its strategy for competition policies and competitive neutrality, according to an official statement by the Egyptian Competition Authority (ECA).
The Competition Advocacy Contest, in collaboration with the International Competition Network (ICN), underscored Egypt’s commitment to fostering equal opportunities in the market, no matter the ownership type - state or private, local or foreign.
The contest celebrates the achievements of competition agencies, sector regulators, and various governmental and non-governmental entities.
The WB recognized Egypt's National Competitive Neutrality Strategy as a pivotal tool for promoting fair competition, pointing out that the strategy is a vital element in creating a level playing field for market participants under a unified regulatory framework.
It also acknowledged Egypt's dedicated efforts in enhancing economic competition throughout 2023, highlighting that its proactive approach involves creating a climate of free competition, removing barriers, expanding into new markets, and ensuring fair conditions for all players.
“In 2022, the Egyptian Competition Authority (ECA) facilitated the adoption of a National Competitive Neutrality Strategy by the Cabinet of Ministers,” noted the World Bank.
The strategy focuses on ensuring fair competition in markets with State-Owned Enterprises (SOEs) and includes the establishment of a High Committee for Competition Policy and Competitive Neutrality chaired by the Prime Minister, it explained.
ECA's comprehensive efforts, including the development of a competitive neutrality index and sector-wide assessments, resulted in the removal of anti-competitive state measures, benefitting 72 million citizens and reducing government spending by nearly $3 million annually.
Head of the ECA, Mahmoud Momtaz, emphasized that the WB’s recognition could be attributed to the authority's ongoing efforts to nurture a competitive marketplace, and expressed confidence that it will boost investor confidence in the Egyptian economy, showcasing the government's commitment to providing a favorable environment for investment.
This is the third consecutive year that the ECA has been acknowledged by the WB and ICN. In 2021, the authority was honored for its decisive actions in supporting competition policies during the COVID-19 pandemic. In 2022, it received another award for its proactive initiatives in combating monopolistic practices during crises.
