By WAM
Dubai : HE Sultan Bin Saeed Al Mansouri, Minister of Economy, honored Majed Hamad Al Shamsi, President, Union Co-operative Society for their counter-inflation initiatives. He praised the contribution of the co-operative society in stabilizing the prices of essential food items by resorting to direct imports of sufficient stocks.
Al Mansouri urged other co-operative societies to follow the lead of Union Co-operative in offering consumers a viable alternative to meet the rising cost of food items. He also reiterated the comparative advantage offered to the societies including government subsidy and custom free regulations, which will help them to import essential food items such as rice and eggs, and thus limit inflationary pressure.
Al Mansouri said that a strong co-operative sector will help stablise prices and also prevent monopoly trade practices. ‘The federal and local authorities along with the co-operative societies share the responsibility of controlling price rise and protecting consumers. The private sector can also play an important role in investing further in the food sector and enhancing import channels.’ He said the Ministry of Economy is evaluating the options of having a more effective regulatory mechanism by collaborating with local authorities and municipalities. Consumers were also encouraged to report any unfair trade practice or unreasonable price rises.
Al Shamsi congratulated the efforts of the Ministry of Economy in controlling monopoly trade practices and in curbing inflation. He called upon other co-operatives to rise up to the occasion and provide practical and effective alternatives to the consumers.