Cairo, September 3 /BNA/ In the presence of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, may God protect him, and within the framework of his official visit to the sisterly Arab Republic of Egypt, a Memorandum of Understanding was signed between the Government of the Kingdom of Bahrain and the Government of the Arab Republic of Egypt regarding cooperation in competition protection and prevention of monopolistic practices. The memorandum was signed on the Bahraini side by His Excellency Abdullah bin Adel Fakhro, Minister of Industry and Commerce, and on the Egyptian side by His Excellency Ahmed Kouchouk, Minister of Finance of Egypt.

On this occasion, His Excellency Abdullah bin Adel Fakhro praised the depth of bilateral relations between the Kingdom of Bahrain and the Arab Republic of Egypt and the continuous growth witnessed in various fields, especially in the industrial and commercial sectors, supporting sustainable economic growth and bringing prosperity and development to the two brotherly countries and peoples.

He confirmed that signing the memorandum reflects the keenness of the Ministry of Industry and Commerce to expand and diversify its regional and international partnerships in the field of competition. He pointed out that the memorandum represents an effective framework to enhance institutional cooperation between the two sides in the field of competition protection, supporting the development of related policies and procedures, positively reflecting on the business environment in the two brotherly countries, enhancing their ability to address any challenges related to monopolistic practices, and supporting sustainable economic development efforts.

The Memorandum of Understanding between the Ministry of Industry and Commerce and the Competition Protection Authority in the Arab Republic of Egypt aims to support bilateral cooperation in the fields of competition protection and combating monopolistic practices, establishing a fair commercial environment and promoting sustainable economic development in the two brotherly countries.