CAIRO: Kuwait seeks all possible venues to bolster the operations of the Arab Competition Network, a seminal platform for competitiveness in the region, said a Kuwaiti official yesterday. In his address to the opening session of the Arab Competition Network meeting, organized by the Arab League, Vice President of Kuwait's Competition Protection Agency (CPA) Asaad Al Anbai said that event would set the record for the establishment of the Arab network, leading to fair economic and financial competition in the Arab world.

The economic challenges presented by the current global trends, required cooperation among Arab countries to safeguard means for sustainable development and boost mechanisms for food security and diversified natural resources, indicated the Kuwaiti official.  He added that economic growth, levels of inflation, and the strength of currencies were governed by the current status quo, which if left unchecked, would lead to malpractices affecting fair competition. Al-Anbai stressed that it was paramount for Arab countries to figure out policies encouraging economic growth and competitiveness, establishing agencies and organizations dedicated to these particular causes.

Kuwait's CPA had set a five-year national plan to seek just and fair competition to boost the country's economic development, he noted. The plan would give the CPA the authority to enforce laws guaranteeing fair play and competitiveness, Al-Anbai affirmed. The CPA was established in 2012 to enforce and promote fairness in the Kuwaiti market and boost the country's economy. The Arab Competition Network has 17 Arab members including Kuwait. - KUNA