A new competition law pending approval by lawmakers will be referred to parliament for its upcoming session, said Kuwait’s Minister of Commerce and Industry Khaled Al-Roudhan on Monday.
Al-Roudhan, who also serves as state minister for services, told the press that the new legislation would grant Kuwait’s competition protection authority broader powers, besides being instrumental in luring more foreign investment into the Gulf state.
The minister spoke of amendments the Kuwaiti ministry of commerce has made to the country’s trade laws in a bid to create a more alluring business environment.
Kuwait’s competition protection authority has recently joined forces with a myriad of companies, putting the government body “on the right track”, said its chairman Rashid Al-Ajmi.
Kuwait’s competition protection authority is a state-run body that monitors operations in the local market as part of efforts to serve producers and consumers alike.