KUWAIT: Under the patronage of the Minister of Commerce and Industry and Minister of State for Services Khalid Al-Roudhan, the Competition Protection Authority (CPA) organized a discussion session yesterday titled "Competition Protection: Defining the laws in order to achieve fair competition in the Kuwaiti market".
During his speech, Chairman of the Board of Directors Dr Rashed Al-Ajmi said the authority has begun to play its role in the labor market. He expected that the work of the authority during the next two years will be more technical than administrative, especially in light of its cooperation with Kuwait International Bank to educate the authority's staff about competition economics in Kuwait.
He added that the new competition law has been prepared in line with best international practices, which is being worked out with specialized bodies and is expected to be approved soon by the National Assembly after approval by the Council of Ministers. "The authority has worked to finalize the set of technical procedures necessary for the implementation of the law, in consultation with international experts specialized in the field, and is also working on the review and approval procedures from the executive management to be submitted to the governing council of the authority for adoption," Ajmi explained.
He stressed that competition is a vital element in stimulating effective and strong economies and encouraging economic growth, and seeks to increase productivity by pushing inefficient companies out of the market and allowing active companies to enter or gain market share. So competition drives all companies to become more efficient through innovation for their survival in the market.
Chief Executive Officer Abdulla Al-Owaisi said based on the freedom of competition guaranteed by the Kuwaiti constitution, freedom of economic activity is guaranteed to all in a way that does not restrict or prevent free competition without prejudice to the provisions of international treaties and conventions.
He added that in the light of the recent years of economic globalization and the subsequent role of the private sector, it required the establishment of a specialized independent body to implement the provisions of the law by providing a database and information on the production capacities and production volume and sales of goods that are traded in the market, receive notification requests for examination and complaints of harmful practices and their verification, and if verified, take legal action.
By Faten Omar