Passed: Trade Mission Lebanon
Luxembourg Trade Mission to Lebanon: A Taste of What is to Come
A Luxembourg trade delegation led by Luxembourg’s Minister of the Economy and Foreign Trade, Mr. Etienne Schneider, will visit Lebanon from Monday 4 June to Thursday 7 June 2012.
The multi-sectoral visit will focus on Beirut, the capital of Lebanon. The visit of the “Project Lebanon” trade fair, specialised in the construction industry and environmental technology, will include a reception at the Luxembourg National Pavilion on Tuesday 6 June. This will be Luxembourg’s third annual presence at Project Lebanon which attracted 24,000 visitors last year, mainly from the surrounding middle eastern countries. As one of only 12 national pavilions, the Luxembourg pavilion can be viewed as an ideal gateway to access the Lebanese market.
For further information or registration on the Luxembourg Pavilion, please contact Mr André Hansen (firstname.lastname@example.org) from the Ministry of the Economy and Foreign Trade.
Lebanon is now experiencing an extended period of peace; it is focused on returning its social and business infrastructure to that of a sophisticated Mediterranean country, based on a free market economy and a business-oriented environment. The Lebanese economy is service-oriented with main growth sectors including finance and tourism. There are no restrictions on foreign exchange or capital movement, bank secrecy is strictly enforced and the government does not restrict foreign investment.
The 1975-90 civil war seriously damaged Lebanon's economic infrastructure, cut national output by half, and derailed the country's position as a Middle Eastern distribution centre and banking hub. Following the civil war, Lebanon rebuilt much of its war-torn physical and financial infrastructure by borrowing heavily - mostly from domestic banks. While the unrest in neighbouring Syria slowed economic growth in 2011 to 1.5% after four years of 8% average growth, the Cabinet endorsed in September 2011 a bill that would provide $1.2 billion in funding to improve Lebanon's electricity sector.
The economy is primarily service-based that represents circa 60% of GDP. Major subsectors are commerce, tourism and financial services, with other components including health care and higher education. The Port of Beirut plays an important role in Lebanon’s commercial activities; following WWII, Beirut became the most important Arab port on the Eastern Mediterranean. Work has been completed on the reconstruction of the Duty Free Zone to restore its pre-war capacity and a project for the rehabilitation and expansion of the port is underway. Tourism also plays a strong role in Lebanon’s economy, contributing circa 20% of GDP prior to the outbreak of the conflict; this industry is now being rebuilt, focusing on its strategic geographic location, its mild climate and natural beauty, including as a winter sports destination. Significant private investment is currently being made in the modernisation and expansion of this sector and international hotel chains have returned to Lebanon.
Opportunities for Luxembourg companies
While many delegates are expected to represent the finance sector, other possibilities abound in the energy and construction sectors, as well as consultancy in many of the areas outlined above.
For any further information or registration, please email Daniel Sahr at the Chambre de Commerce (email: email@example.com).