Consumer Protection Chief Highlights Traders’ Role in Egypt’s Economy

Meeting Highlights.

Today, Ibrahim Al-Sagini, the head of the Consumer Protection Agency, held an extensive meeting with the board of directors of the Chamber of Commerce in the governorate, led by Engineer Mohamed Abdel Latif Fayad.

The meeting was attended by Hind Mosaad, Assistant Undersecretary of the Ministry of Supply, and focused on several issues related to market dynamics. Key topics included the availability of essential and strategic goods for citizens at reasonable prices, mechanisms to enhance product availability, and ensuring a steady supply without obstacles. The discussion also addressed challenges faced by consumers in the furniture sector.

During the meeting, various main points were discussed, including monitoring price stability for goods in local markets and ways to strengthen cooperation between the Consumer Protection Agency and traders to prevent monopolistic practices or withholding goods. Strategies to improve self-regulation within the Chamber of Commerce were also examined to support market discipline and achieve a balance between supply and demand. Emphasis was placed on adhering to price announcements and maintaining transparency in commercial transactions.

At the beginning of the meeting, Ibrahim Al-Sagini expressed his pleasure with the gathering, appreciating the national role played by commercial chambers as key partners in organizing market movements and supporting stability. He highlighted their role in fostering effective communication between the state and the business community, which contributes to achieving market balance and protecting consumer rights.

Al-Sagini stressed that ongoing coordination is vital given current challenges related to price movements and product availability. He noted that collaboration with commercial chambers is one of the main tools for regulating markets and promoting legal compliance while establishing principles of transparency and fair competition.

He stated that traders are essential partners in Egypt’s economic system, emphasizing that market stability can only be achieved through cooperation among all commercial entities with state agencies. This ensures a continuous supply of essential goods while maintaining fair prices for citizens amid regional tensions and global economic challenges.

The head of the Consumer Protection Agency added that Damietta represents a unique industrial and economic model due to its strong production base in furniture manufacturing and related industries. This highlights the importance of maintaining stability within this vital sector and enhancing its competitiveness both locally and internationally.

He pointed out that consumer protection and support for national industry are complementary goals. Upholding discipline within markets and addressing any illegal or non-compliant practices helps protect serious entities while preserving the reputation of Egyptian products. This fosters consumer confidence in domestic product quality, supporting state efforts to increase exports and add value to the national economy.

Al-Sagini clarified that while Egypt’s market operates on supply-and-demand mechanisms, this freedom is governed by clear legal regulations that cannot be overridden. Violating these regulations negatively impacts both traders and consumers, affecting market stability and public trust in commercial systems. Therefore, full compliance with legal provisions is essential to establish fair competition rules and transparency in transactions.

<pEngineer Mohamed Abdel Latif Fayad, chairman of Damietta's Chamber of Commerce, expressed his appreciation for Al-Sagini's visit. He affirmed that the chamber fully adheres to directives from political leadership and government regarding market regulation, price stabilization efforts, and supporting citizens' access to essential goods at appropriate quantities and prices amid current regional challenges and global economic repercussions.

<pIn this context, Fayad noted that the furniture and wood industry sector is one of Damietta's most important production sectors. The area boasts a distinguished industrial base recognized as "the fortress of furniture manufacturing in Egypt," supported by cumulative expertise within an integrated industrial community comprising thousands of small, medium-sized, and large workshops.

<pHe mentioned that this sector directly contributes to boosting Egyptian exports to various international markets while enhancing state capabilities to increase foreign currency resources. The chamber is committed to supporting manufacturers and exporters by addressing obstacles they face through coordination with relevant authorities to ensure continued growth in this vital sector while enhancing its competitiveness.

<pHind Mosaad, a board member of Damietta's Chamber of Commerce, highlighted that the Consumer Protection Agency plays a pivotal role in stabilizing markets by enforcing fair competition principles through ongoing regulatory efforts aimed at curbing negative practices harmful to both consumers and traders alike.

<pShe emphasized that Law No. 181 for 2018 on consumer protection represents one of the key legislations supporting stable commercial transactions due to its clear regulations and punitive measures protecting all parties involved in commerce. This law achieves a balance between consumer rights and trader interests while fostering trust within markets which supports a favorable business environment for investment.

<pAt the conclusion of the meeting, Ibrahim Al-Sagini thanked Fayad along with members representing Damietta's Chamber of Commerce for their cooperation during discussions. He reiterated the importance of continuing this coordinated approach between his agency and the trading community to support market stability while ensuring adequate supply for citizens at fair prices.