The president of the Association of Industrialists calls for new approach to stimulate the national economy

In an interview with Al Markazzyah, the president of the Industrialists Association, Fady Gemayel, highlighted the fact that Lebanon is struggling to deal with the negative repercussions of the events in the region.  Gemayel asked for a new and comprehensive economic initiative in order to push the Lebanese economy forward especially as the size of its GDP does not exceed USD 45 billion. Gemayel considered this figure to be shameful compared with available capacities and when considering the opportunities in the neighboring countries.
Gemayel also noted that the realities of the industrial sector are intimately linked with the economic situation.  He emphasized the importance of adopting comprehensive approaches because, partial solutions are no longer useful whilst taking into consideration the significant Lebanese capacities that are available especially in terms of human, youth, industrial and economic resources, and in view of the huge financial resources that are deposited in Lebanese banks and which are estimated at some USD 167 billion. Gemayel called for safeguarding the Lebanese economy and for working in unity to bring about an economic situation that builds on available capacities while guided by a comprehensive socio-economic approach that aims at stimulating the economy while changing current mindsets.  He added that the changes in the region indicate that current events are not of a short term nature and solutions are not likely to be fast.  Hence, and according to Gemayel, if not action is taken, the situation is likely to deteriorate further.
 
Source: Al-Diyar 21 July 2014