The Competition policy puts companies under pressure to present a wide range of the best possible goods at good possible prices, giving choice to consumers.
Rabat – Morocco’s Competition Council signed a partnership agreement with the International Finance Corporation (IFC), part of the World Bank Group, to develop an institutional ecosystem to effectively implement the competition policy.
The Competition policy is an initiative aimed at ensuring that competition between companies is not restricted or undermined in ways that are detrimental to the economy and society.
Chairman of the Competition Council Driss Guerraoui inked the accord with IFC Vice-President for the Middle East and Africa Sergio Pimenta on Wednesday in Rabat.
Under the agreement, the IFC undertakes to assist Morocco in building the institutional capacity of the Competition Councils.
Speaking at the signing ceremony, Guerraoui stressed that the new cooperation is the materialization of a shared determination to build a “strong” and “lasting” partnership between the Competition Council and the World Bank Group, through the IFC.
Guerraoui affirmed that the components of this partnership will be effectively used to enable the Council to address challenges in market knowledge, capacity building, the effectiveness of the rule of law as well as the challenge of promoting the principle of economic responsibility for businesses, the state, territories, and citizens.
Meanwhile, Pimenta said that the agreement embodies IFC’s commitment to strengthening the Council’s institutional framework and the coordinated efforts between public bodies, regulators, and the private sector to create a competitive business environment and promote open markets.
Pimenta said he was convinced of the impact of “effective” competition policy on growth, productivity, and competitiveness, noting that such a competition policy is not limited to the application of competition law, but also encompasses all market regulations that actively encourage competition or minimize the effects of government policies’ distortion.
Citing a recent report by the World Bank on the constraints linked to the development of the Moroccan private sector, Pimenta emphasized that “the contestability of the Moroccan markets and the competition policy are key elements to create the conditions necessary for the emergence of a dynamic, competitive and diverse private sector.”
He reaffirmed IFC’s commitment to assist the Competition Council in achieving its objectives, in addition to its desire to support the improvement of the business environment to foster a competitive environment in which the private sector boosts economic growth as well as job creation on a broad scope.