Rania Al-Mashat: Strengthening the role of the private sector and attracting sustainable investments is a top priority for the Egyptian government
Minister of Planning, Economic Development and International Cooperation, Dr. Rania Al-Mashat, said that strengthening the role of the private sector and attracting sustainable investments represents a top priority for the Egyptian government during the current stage, stressing that the private sector constitutes the driving force for comprehensive and sustainable overall economic growth.
This came during the Minister’s participation in the activities of launching the results of the Voluntary Peer Review Report of the Egyptian Competition Protection Law, which is organized by the Competition Protection Authority, in cooperation with the United Nations Trade and Development Organization – UNCTAD, under the auspices of Prime Minister Dr. Mostafa Madbouly, and in the presence of Dr. Mahmoud Mumtaz, Head of the Competition Protection Authority, Dr. Sherif Farouk, Minister of Supply and Internal Trade, Alaa Farouk, Minister of Agriculture and Land Reclamation, Ahmed Kjouk, Minister of Finance, and Counselor Mahmoud Fawzi, Minister of Parliamentary, Legal and Communication Affairs. politicians, other stakeholders, and members of the House of Representatives and the Senate.
Rania Al-Mashat added that today’s event is the best evidence that stimulating partnerships The public-private sector represents an important tool in changing the economic future in developing countries, and advancing innovative solutions aimed at increasing the competitiveness of emerging and low-income economies, stressing that improving the business environment and creating an investment climate are among the main axes that the Egyptian government has set in mind. < /p>
She pointed out that Egypt has adopted many principles of transparency, good governance, and accountability, and continues to work to enhance data quality, promote qualitative economic growth, and other measures that will enable investors to build on the comparative advantage of the Egyptian economy. And its competitiveness.
She explained that legislation and laws represent a common denominator in order to ensure the achievement of the state’s goals and the protection of the rights of parties, pointing to the issuance of the Competition Protection and Prevention of Monopolistic Practices Law No. 3 of 2005, with its amendments, the latest of which was issued in 2022 in order to protect the right to competition. And engaging in economic activity and creating a free competitive environment that contributes to achieving economic efficiency.
She indicated that the law established many rules in order to address these practices. Monopoly by confronting the increasing economic concentration operations in their various forms, extending prior control, reducing control and overcoming barriers to entry and expansion in various markets – And follow clear and transparent procedures in line with the state’s plan to encourage investments and reduce bureaucracy. She noted that international financial institutions such as the World Bank, the European Investment Bank, the African Development Bank, and others permanently require following the international competitive bidding system to obtain goods, works, or non-consulting services in order to ensure fair and healthy competition for economic opportunities financed by those institutions.< /p>
The Minister highlighted the strategic framework for the partnership between Egypt and the United Nations for Sustainable Development Cooperation (UNSDCF) for the period 2023-2027, which was launched during the year 2023, with the participation of the United Nations Trade and Development Organization – UNCTAD, which organizes the projects and activities of international agencies and programs in Egypt in accordance with the strategic priorities for development in Egypt, and aims to achieve transparency, good governance and the rule of law through the fourth strategic priority, praising the cooperation with UNCTAD within many initiatives, which include applying the principles of the Sharm El-Sheikh Guide for Fair Financing, which It was launched during the United Nations Climate Conference in Sharm El-Sheikh, as well as the “Novi” National Platform, and the Integrated National Strategy for Financing for Development – INFF.
She stated that the voluntary review process provides a unique opportunity to examine and draw lessons from countries’ experiences and the challenges they face in implementing and enforcing competition policies in countries through competition policy experts from both developed and developing countries who have practical experience in Implementing competition laws.
She added that the Egyptian government has identified 4 main priorities within the Egyptian government’s work program for the period 2024/2027 – In order to enhance the participation and empowerment of the private sector in development processes, the importance of economic development as it is a common denominator between all sectors, and the importance of investment and trade in supporting fair financing for development. These priorities included several axes, including building a competitive and attractive economy for investment, facilitating the participation of the private sector in Development, human capital development and technological progress, and continuing structural and institutional reforms.
She stressed that competition policy represents a strong foundation for building a competitive and investment-attractive economy, which the Egyptian government is working on. It can be achieved by overcoming obstacles facing local and international investors, as the state ownership document has previously been launched that confirms the government’s commitment to competitive neutrality among all parties concerned with the Egyptian market, explaining that with regard to enhancing the participation of the private sector in development, the pivotal role of competition policies comes in ensuring a business environment. An equal opportunity that stimulates companies to innovate and grow.
The Minister of Planning, Economic Development and International Cooperation concluded her speech by referring to the report of the United Nations Economic and Social Commission for Western Asia (ESCWA) for the year 2023, where he indicated For the remarkable progress achieved by Egypt in developing competition laws and policies, making it one of only two countries in the Arab world to reach a “very advanced” level. According to an ESCWA evaluation.
This level indicates the conformity of the legislative framework in Egypt with the best international model laws, which reflects the state’s commitment to enhancing market efficiency and improving the environment for conducting economic activity.
