The implementation of the ECA’s recommendations has led to new market entry from investors and consequently to an increase in competition
Egypt’s Competition Authority (ECA) received an Honorable Mention for its advocacy efforts in reducing consumer exploitation in the medical sector during the COVID-19 crisis by the World Bank (WB) and the International Competition Network (ICN).
Expressing his gratitude for the award, ECA Chairman Dr. Mahmoud Momtaz, accepted the award via video conference.
Momtaz highlighted that ECA’s advocacy efforts commenced in cooperation and integration between all ministries and regulatory authorities, in order to preserve the gains of the economic reform process that Egypt perceived, protect consumers’ rights and provide goods and services at competitive prices.
Under the theme of "Revisiting antitrust rules and implementing initiatives in response to the Covid19 crisis," ECA was awarded for its decisions and initiatives, including advocating for the uplift of restrictions in the production of medical supplies to combat the spread of the virus.
The implementation of the ECA’s recommendations has led to new market entry from investors and consequently to an increase in competition. Accordingly, prices decreased, as well as exploitation of consumers during the crisis, which subsequently raised economic efficiency, explained an ECA statement.
Momtaz praised the efforts of their technical team and staff in supporting and strengthening competition policies.
ECA has received unprecedented support during the past years, as the governmental leadership believes that combating anticompetitive practices and creating competitive markets contribute to achieving inclusive growth, he explained. This comes in line with Egypt’s 2030 Vision, which confirms that the Egyptian economy is competitive and diversified.
He also pointed out that ECA has a new comprehensive strategy, which is based on the effective enforcement of the Egyptian Competition Law, promoting procompetitive policies and regulations, disseminating competition culture, and enhancing institutional efficiency.
The strategy aims at enforcing competition law, opening markets and ensuring competitive neutrality, in a manner that ensures the markets competitiveness for the welfare of citizens and economic entities and for raising the efficiency of the national economy.