Feb 05 2009 |
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Hariri confident financial crisis spared Lebanon
05 February 2009
BEIRUT: Deputy Saad Hariri said on Wednesday that all indications show that Lebanon has not been affected by the global financial crisis. Speaking at the opening the Lebanese Omani Businessmen Forum at the Movenpick Hotel, Hariri added that the Lebanese banks demonstrated a rare capability to withstand all the violent financial shocks.
"As a matter of fact, Lebanon is currently considered as a financial safe haven," Hariri said.
But he warned that Lebanon may be affected in the long run by the crisis because of the country's economic openness to the outside world.
He was alluding to the presence of thousands of Lebanese expatriates in the GCC states.
"The biggest challenge for us is to seize the opportunity and confront the problems with minimum damage," Hariri said.
He said it's wrong to assume that market economy and globalization are failures.
"We should adopt proper economic and financial policies and most importantly introduce regulatory supervisions."
Hariri called for more inter-Arab investments and the launch of mutual projects.
Also on Wednesday, Economy and Trade Minister Mohammad Safadi revealed some statistics on Lebanese-Omani trade.
He added that the size of trade between Lebanon and Oman was still very modest.
Lebanon's exports to Oman in 2006 rose to $22 million before failing to $5.9 million in 2007 and $6 million in 2008.
Safadi called for the creation of a joint Lebanese and Omani government committee to strengthen trade and investments in both countries.
Omani ministers and businessmen talked about investment opportunities in Lebanon and stressed that the government would provide all the facilities to any Lebanese and Arab investor. - The Daily Star
© Copyright The Daily Star 2009.
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