Saudi ministry pledges to protect local industries from unfair competition

Saudi ministry pledges to protect local industries from unfair competition

RIYADH — The Ministry of Industry and Mineral Resources emphasized that it is working to protect national industries from unfair competition.The ministry will enact regulations that contribute to empower and enhance the competitiveness of national industries in a manner that does not contradict the Kingdom's obligations due to its accession to the World Trade Organization as well as the Gulf and international conventions.The ministry said in a statement that it is working to create a fair and competitive environment that attracts industrial investments by implementing several tools in cooperation and coordination with various government agencies.“The unfair competition is represented in several aspects, the most important of which are flooding the local markets with goods at lower prices than in the country of origin; unjustified increase in imports; the subsidies allocated by the governments of the countries that are exporting to the Kingdom; the lack of conformity with the specifications and standards, in addition to the violation of standards and provisions of the Competition Law and some local regulations,” the ministry