11/06/2003
Aker saa Magazine 2003/JUNE /11
The privatization process has left the doors wide open for big foreign corporations to come and buy small Egyptian companies. According to many industrialists and businessmen, the competition and anti-monopoly law which is due to be discussed by the Egyptian parliament should curb this phenomenon and regulate the market. Among these businessmen and industrialists, though, there are some who believe this law should actually be amended to make it more efficient. (Available in Arabic – German in PDF )
The privatization process has left the door wide open for big foreign corporations to come and buy small Egyptian companies. With no competition law available, several sectors in the Egyptian market are now in the hands of foreign or local monopolies, and the worst affected are the local economy and consumers. A competition and anti-monopoly law should soon be discussed by the Egyptian parliament. Many industrialists think it will put an end to these monopolies, as it would regulate the market and set up an agency entrusted with detecting and tackling monopolistic practices. Some businessmen and industrialists, though, believe this law should be amended. For example, it should specify different kinds of monopoly, as not all of them are harmful, while some companies should be temporarily exempt from this law in some specific cases. Finally, more mechanisms should be put in place to implement the law once it is enacted.