Ministry initiates major steps to ensure the market is fair to all

Oman Saturday 29/January/2022 21:32 PM
By: Times News Service/With inputs from Oman News Agency
Ministry initiates major steps to ensure the market is fair to all

Muscat: To prevent new entities arriving in Oman from dominating the local market, the Ministry of Commerce, Industry, and Investment Promotion, represented by the Competition Protection and Monopoly Prevention Centre, is taking steps to ensure the market is fair to all.

It is believed that should any one player in the local market proceed to dominate their sector, they will be able to either directly or indirectly influence supply and demand, which in turn either diminishes the capabilities of competitors to enter the market, limits their scope of operations, or prevents them from setting up operations at all.

“The ministry has the authority to monitor the subsequent completion of efforts to concentrate the economy, and follow up on the extent to which people comply with the conditions and obligations specified in the approval processes,” said Hazaa bin Nasser Al Maamari, the director of the Economic Focus Department at the Competition Protection and Monopoly Prevention Centre at MOCIIP.

“Economic focus is a new development in the Arab region, but it is an important element towards developing a national economy and protecting free market competition,” he explained. “This includes encouraging economic activities, the consolidation of the principles of market rules, and maintaining freedom of prices, in a manner that does not lead to the restriction, prevention or harm of free competition.”

A private sector that can lead a competitive economy that is integrated with global markets is among the most important strategic directions of Oman Vision 2040. The MOCIIP aims to achieve this by regulating freedom of economic activity, ensuring the rules and regulations for free competition are applied, raising awareness about the importance of a free market, and preventing the formation of a monopoly, so that consumers and the country are both benefited.

“The procedures for requesting economic concentration begin when people who wish to undertake any steps towards economic focus submit a written request to the ministry,” he added. “This is accompanied by the documents and data required to obtain approval to complete the ministry’s economic concentration process.”