Abou El-Enein: Competition Protection Law Amendments “New Marketing” for Investment

Deputy Speaker Mohamed Abou El-Enein announced his approval in principle of a draft amendment to the law on protecting competition and preventing monopolistic practices, stressing that this amendment is a new marketing for the investment climate in Egypt.

During his speech at the plenary session of the Parliament, headed by Hanafi Jabali, Abou El-Enein indicated that Egypt was ranked last year as the second largest country in terms of economic operations.

He stressed the need to work for market governance to increase competitiveness: in a way that contributes to protecting producers, consumers, small and big investors, as well as reduce the cost of production.

The deputy speaker indicated that the acquisitions will be linked to the state ownership policy document, which requires prior oversight, saying: Egypt is the only country that does not have prior approval for mergers.

The MP called on the government to market the amendments to the law to protect competition and prevent monopoly for its role in supporting the idea of neutrality, dealing accurately with competition and preventing monopoly, which is necessarily reflected in the markets and contributes to improving the investment climate in Egypt.