Free Competition Stimulates Innovation, Enhances Society Welfare - Official

(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Feb 2 (KUNA) -- Head of Kuwait Competition Protection Agency Rashid Al-Ajmi affirmed that free and fair competition is a fundamental pillar of any economy, as it stimulates innovation and enhances the welfare of societies.
Al-Ajmi added in his speech, during the Fourth Arab Competition Network Conference, hosted by Kuwait on Sunday under the patronage of Minister of Commerce and industry Khalifa Al-Ajeel, that the Competition Agency believes that partnership with Arab peers is a pivotal factor in achieving common goals
He explained that the one-day conference aims to exchange expertise, discuss international best practices and address challenges facing competition protection efforts in the region, expressing his aspiration for joint strategies that support coordination among Arab countries to enhance a more open and prosperous economic environment.
Hosting this conference affirms Kuwait's commitment to supporting regional efforts to enhance a fair competitive environment that serves national and regional economy alike, he noted.
For his part, Chairman of Arab Competition Network and CEO of Saudi General Authority for Competition Dr. Fahad Al-Shathri said in a similar speech that global economy is witnessing rapid developments in many areas.
Al-Shathri noted that there are several challenges facing competition authorities, including the growing role of digital transformation in enhancing competition, facilitating market entry, and increasing the diversity of goods and services, noting the importance of countries adopting industrial policies and supporting local industries.
He stressed that the Arab world is full of promising economic opportunities that can be invested in by enhancing fair competition policies and developing the business environment, indicating that this requires concerted efforts, exchanging knowledge, and benefiting from leading international experiences.
In turn, Director of the Economic Integration Department at the Arab League Dr. Ahmad Jameel said that enhancing competition policies in Arab countries is one of the main pillars for achieving sustainable Arab economic integration and a fundamental pillar for the success of the Greater Arab Free Trade Area (GAFTA).
He added that fair competition contributes to improving the business environment in addition to its role in enhancing economic efficiency, stimulating innovation, and attracting investments in a way that benefits Arab economies.
Arab Competition Network has become a model in enhancing Arab cooperation, indicating that it has succeeded since its establishment in creating an effective platform for exchanging expertise, supporting capacity building, and enhancing coordination between Arab competition authorities.
He praised the growing role played by Arab Competition Network Awards, which have become a motivating tool to encourage innovation and excellence in competition policies, indicating that they contribute to spreading best practices and motivating the concerned parties to adopt policies and procedures that enhance fair competition.
On the sidelines of the conference, Kuwait Competition Protection Agency signed a cooperation agreement with Saudi General Authority for Competition in the field of competition protection with the aim of exchanging expertise and joint studies and training. (end)
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