Lebanon's PM calls for elimination of all trade obstacles with Egypt

PHOTO

23 March 2017

BEIRUT: Trade between Lebanon and Egypt should be boosted and all obstacles must be removed to facilitate import and export activities between the two countries, Prime Minister Saad Hariri said Wednesday.

Figures of trade between Lebanon and Egypt are not very encouraging and we aim for more in this area, Hariri said at the Lebanese-Egyptian forum held at the Four Seasons Hotel in Cairo.

Hariri said that Lebanons exports to Egypt are too little, causing an imbalance in the balance of trade between the two countries.

In 2010, Egypts exports to Lebanon amounted to $430 million while Lebanons exports to Egypt reached $200 million. As for today, Egypts exports to Lebanon are worth $770 million while Lebanons exports to Egypt stand at only $58 million, he said.

Hariri called for removing all obstacles facing import-export activities between the two countries in addition to signing bilateral agreements to boost trade.

In fact, the forum witnessed the signing of a cooperation agreement between members of unions and syndicates of cement and marble industries in the two countries.

Lebanons prime minister also emphasized in his speech the need to undertake structural reforms in the two countries which will contribute to registering higher growth rates in addition to achieving sustainable development and creating job opportunities for the youth.

He also focused on the need to create partnerships between the public and private sectors to find new investment opportunities that would activate the economy in the two countries and minimize the repercussions of unemployment on the economy.

From her side, Sahar Nasr, Egyptian investment and international cooperation minister, said that Egypt is currently undergoing major economic reforms such as facilitating investment procedures and removing bureaucratic obstacles in addition to attracting FDI to all sectors of the economy.

She added that the Egyptian economy was capable of registering a positive growth rate of 3.4 percent in the fiscal year 2015-16 and the country witnessed an increased in the number of companies that were established over the past two years.

Nasr said she hopes to witness in the coming period an increase in common Lebanese-Egyptian investment by encouraging the private sector in the two countries to start with concrete initiatives in this area.