MUSCAT: The Ministry of Commerce, Industry and Investment Promotion is working to amend the Competition Protection and Monopoly Prevention Law and aims at enhancing the competition ,opening new horizons towards a free and attractive economy for investment.
Faisal Bin Saud Al Nabhani, in charge of running the Directorate of Monitoring and Analysis in Competition Protection and Monopoly Prevention Center, at the Ministry of Commerce, Industry and Investment Promotion, said: The center aims to protect and encouraging competition, preventing monopolistic practices, regulating the freedom of economic activities in the local market, and consolidating the principle of market rules and freedom of prices for the benefit of the national economy and the consumer as well.
The Ministry will implement laws and regulations related to the protecting competition and will help to prevent monopoly. “We received a number of complaints related to several sectors including, foodstuffs, electronics, and a number of other commodity goods, while the Centre studied and verified the submitted complaints,” Al Nabhani said.
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“The Ministry has the right to impose administrative fines in cases where a violation of the law is proven, and to refer it to the Public Prosecution if needed , or to keep the file if the a violation is not proven,” he added.
Faisal Al Nabhani emphasized that the Competition Protection and Monopoly Prevention Center is currently working on preparing an integrated study for the retail sector.
