Measures to prevent market monopoly announced

Manama, Aug.15 (BNA): Minister of Industry and Commerce Zayed R. Alzayani reassured that the ministry is fully prepared to implement the decision of Cabinet to lift subsidies on meat from September 1st . This came during a meeting in his with the Chairman of Bahrain Livestock Company Ibrahim Zainal to take this decision aimed at directing funds to citizens to enable them to buy these food according to consumer needs. The minister said: "this decision will contribute to revitalizing the commercial movement through giving chance for those who wish to practice activity of importing live and chilled meat. There are 70 licensed commercial registers issued by the Ministry at the moment, as well as hundreds of other licensed registers who engage in selling food stuff and will be able to practice the same activity." The minister explained that the estimates made by the ministry according to the latest studies which are consistent to some extent with BLC estimates confirm that the sale of subsidized meat will logically rise after lifting subsidies as a result of market liberalization, but the difference between current sale price and expected price after lifting subsidies on meat could be covered with the money that would compensate all citizens without exception. The minister also commended the role played by BLC since its inception and its contribution to achieve one aspect of food security, noting the need to coordinate between the ministry and the company to help establishing local companies and enable them to engage into the activity. BLC Chairman Ibrahim Zainal confirmed that the company will continue to carry out its responsibilities in providing the quantities that meet markets’ needs, pointing that the company is awaiting the arrival of a shipment of 30 thousand f live Australian sheep later this month out of 120 thousand heads in preparation for Eid al-Adha, compared with the current inventory estimated at 25 thousand head. He added that the company is ready to cooperate with existing companies or companies that will establish after the entry of the decision of lifting subsidies on meat to facilitate slaughtering process according to local regulations. His Royal Highness Prime Minister Prince Khalifa bin Salman Al-Khalifa Prime Minister has ordered mid-July to postpone the decision for another month to give the opportunity for further research and to study how to implement the decision to achieve justice and preserve citizens’ gains.