The minister said the competition law will prevent monopolies. (The Daily Star/Mohammad Azakir)
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Parliament must urgently approve the competition law in a bid to put an end to monopolies and allow new companies to enter the Lebanese market, Economy Minister Raed Khoury said.Khoury explained that a small number of companies in each sector today hold the biggest market share, which leads to an increase in prices in absence of real competition. Another problem delaying reforms and hindering growth in Lebanon, according to Khoury, is the absence of a long-term and comprehensive plan covering all economic sectors.Khoury said the growth rate is expected to reach 2.5 percent by the end of this year due to the positive atmosphere in the country following the agreement reached by the different political parties on the electoral law, in addition to the security stability prevailing in Lebanon.Khoury said his ministry's plan covers several sectors with short-, medium- and long-term measures to be adopted.Khoury believes membership in the WTO is not 100 percent to Lebanon's advantage but the country can still reap benefits from its accession.Khoury added, another law exists allowing merchants to sell products at up to double the cost.
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