Cairo: During the official visit of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister of Bahrain, to Egypt, a Memorandum of Understanding (MoU) was signed focusing on competition protection and anti-monopoly cooperation between the two countries.
According to Bahrain News Agency, the MoU was signed by Abdullah bin Adel Fakhro, the Minister of Industry and Commerce of Bahrain, and Ahmed Kouchouk, the Minister of Finance of Egypt. Minister Fakhro highlighted the strong bilateral relations and the ongoing cooperation in various sectors, notably industry and trade, which are pivotal for sustainable economic growth benefiting both nations.
He stated that the MoU underscores the Ministry of Industry and Commerce's dedication to expanding regional and international partnerships in the competition sector. The agreement is set to provide a robust framework for institutional cooperation between Bahrain and Egypt, aiding in the development of policies and procedures aimed at fostering a positive business environment.
The focus of the MoU is to enhance the countries' abilities to combat monopolistic practices while encouraging sustainable economic development. It aims to assure a fair business environment and bolster economic collaboration, ultimately promoting growth in both Bahrain and Egypt.