Egypt’s Strategy for Competition Policies and Competitive Neutrality wins World Bank Award, says Egyptian Competition Authority (ECA) statement on Sunday.
Egypt has been awarded for its diligent efforts to improve economic competition in 2023. The country has fostered a climate of free competition, eliminated barriers, expanded into new markets, and ensured a level playing field for all market players under a unified regulatory framework.
The World Bank, alongside the International Competition Network, praised Egypt’s strategy, recognizing it as a cornerstone for promoting equal opportunities in the market, regardless of ownership type – state or private – or origin – local or foreign.
Mahmoud Momtaz, the head of the ECA, emphasized that this award is the culmination of the authority’s efforts over the past years to foster a competitive marketplace. Furthermore, Momtaz expressed his belief that this recognition will bolster investor confidence in the Egyptian economy and showcase the government’s commitment to providing a favorable environment for investment.
This accolade marks the third consecutive year that the ECA has received recognition. In 2021, the authority was honored for its decisive actions supporting competition policies during the COVID-19 pandemic. In 2022, it was awarded for its proactive initiatives in combating monopolistic practices during crises.
The Strategy for Competition Policies and Competitive Neutrality has been incorporated into the country’s State Ownership Policy Document, which was launched in 2022. The State Ownership Policy Document aligns with Egypt’s overarching goal of empowering the private sector to play a more significant role in the country’s economic activities.
By enhancing the investment climate, encouraging free competition, and curbing monopolistic tendencies, the Egyptian government aims to increase the private sector’s role in the economy from 30 percent to 65 percent in the coming years.
