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$7.3 billion in remittances from Lebanese expatriates

28-4-2017

The World Bank noted on Friday that remittances from expatriates to the Middle East and North Africa have reached USD 49 billion in 2016, falling by 4.4% drop against the previous year, and accounting for nearly 10% of overall global remittances to developing states (the USD 440 billion).. On Lebanon, the WB ‘Migration and Development’ report indicated that remittances, the main source of hard currency for countries of the South, stood at USD 7.3 billion, the second highest in the Arab world after Egypt (USD 16.6 billion) and against USD 1.6 billion for Syria, The report went on to add that remittances in Lebanon represented 14% of country’s GDP. According to the WB report, the decline in money transfers to most of the Arab countries can be attributed to a number of reasons, notably: weak economic growth of oil exporting countries and the slow economies of the EU markets affected by Brexit, in addition to political uncertainty in North Africa and the Southern Mediterranean Basin and its impact on tourism and transfers. The report concluded that remittances are projected to rise during this year and the next, amidst an anticipated fast pace growth in the global economy, an improvement in the prices of raw material, namely, oil, and higher international trade and cross-border investments. (Al Hayat, April 28, 2017)

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Apple farmers extend a 10 day ultimatum to government

28-4-2017

In response to the call for protests on Thursday, April 27, by the head of the Lebanese Farmers’ Association, Antoine Howayek, and his declaration of a day of wrath in all the country, apple growers took to the streets to express dissent against government’s procrastination to compensate them. The areas that were the scene of the farmers’ anger were namely, the Safra highway, Nahr Ibrahim, Chtaura, Damur highway, Shuf crossroads and Baalbak-Hermel main road. Farmers who tossed their apples under the wheels of passing cars sought to send a message saying they did not condone chaos, but that the authorities did not keep their word as per compensating the LBP 5000 for each apple box. For his part, Howayek, revealed that he met with the director general of the Higher Security Council, General Mohamad Kheir, who promised to pay the allocated sums in two installments (LBP 20 billion each), stressing that farmers have turned down the offer and will continue with the strike until their demands are met in full. Howayek also called on prime minister Saad Hariri to step up the distribution of the cheques worth of LBP 40 billion to farmers within 10 days, threatening to move the protests to the capital. In this respect, President Michel Aoun followed up on the issue pressing the need to secure the necessary funds, noting that he was notified with the disbursement to date of the LBP 20 billion batch. (An Nahar, Al Diyar, Al Mustaqbal, Aprile 24, 26, 27, 28, 2017)

 

Previous related news: 
Apple growers to the streets again to claim their compensation entitlements
Local farmers still awaiting their entitlements
Reimbursement of apple growers and the plight of potato growers in Akkar
Back to square one concerning citrus and apple marketing
Agriculture of Lebanon further deteriorates in 2016

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BIFEX 2017 for promoting Lebanon trademark

27-4-2017

The Lebanese Franchise Association (LFA) opened yesterday 7th edition of the Beirut International Franchise Forum and Exhibition, BIFEX 2017, in BIEL under the banner, ‘the Lebanon’s distinguished mark: a drive to prosperity’. LFA president Charles Arbeed, launched on the occasion the National Strategy to Support the Lebanon’s Distinguished Mark which comprises in its first phase a film portraying the story of Lebanon... The aim is to promote the country, enhance entrepreneurship and support small and medium enterprises and subsequently, achieve the anticipated economic growth and stability. The working sessions on the first day of the one-day forum focused on a number of headings: global economic changes, basic skills in the retail sector, in addition to comparative studies on relevant national strategies to create distinguished national marks. The Lebanese economy is no longer capable of securing decent work conditions and living for its human constituents, Arbeed stated, especially that Lebanon has turned into a prime exporter of skills and proficiencies. This, Arbeed warned, prompts a transition from the transition from meeting the demands to planning and devising policies that improve the economy and achieve social objectives. Similarly, the head of the Federation of Chambers of Commerce, Industry and Agriculture, Mohamad Choukair, said it is “the national responsibility of the State, the private sector, civil society and the media to highlight our distinguished marks”. For his part, the minister of industry, Dr. Hussein Haj Hassan, said Lebanon really needs a comprehensive reform plan in politics, economy and infrastructure before marketing the country and its products, particularly in the absence of unified standards on the principle of free international trade, customs barriers, visas, technical and money exchange obstructions. (Al Mustaqbal, An Nahar, April 27, 2017)

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Creation of specialized university centers for promoting innovation

27-4-2017

The director general of the ministry of economy and trade (MoE&T), Alya Abbas, uncovered yesterday the ministry’s intention to activate coordination with various universities in order to invest in youth potentials for the aim of building a better economic future. Abbas was speaking at the Annual Entrepreneurship Competition ‘USEK New Venture Challenge’ organized by the Holy Spirit University of Kaslik (USEK) where she represented minister Raed Khury. Abbas disclosed that studies prepared by her ministry have shown that small and medium enterprises (SMEs) make 93% to 95% of the total establishments operating in Lebanon. She mentioned the main challenges facing SMEs, including, mainly: barriers to growth especially regarding SMEs that are incapable of making a transition to advanced stages of growth or those that face high risks in long-term sustainability; slow economy; a business environment in constant turmoil; fiscal and economic instability, and lack of cross-institutional coordination, and finally, sluggishness at the level of initiatives. Abbas called for increased cooperation and integration between the private and public sectors, notably in the academic sector. This, she underlined, requires the launch of novel disciplines and centers for the training of students on principles of entrepreneurship, as well as, kicking off specialized centers inside universities to assist young entrepreneurs in starting their projects and provide them with the knowledge necessary to establish them. (Al Mustaqbal, April 27, 2017)

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On hundred summer festivals this year

26-4-2017

Over 100 local and international festivals are planned for this summer and are expected to attract a considerable number of guests and tourists, according to Al Diyar newspaper today. The most notable are the International Festivals of Baalbak, Tyre, Beitiddine, Byblos and Batroon in addition to Beirut Holidays and Junieh festivals with its spectacular synchronized fireworks show. On this subject, Al Diyar pointed out that Junieh, north of the capital Beirut, is preparing for two separate events. The first will be announced today by the town’s mayor, Juan Hobeish, from the municipality palace, while the second projected will be publicized from Casino Du Liban. The newspaper uncovered a rift between the Municipality and the Festivals committee, pointing out that the two events in fact coincide and reported that the municipality has rejected to lease Fuad Chehab Stadium as usual every year, for it plans to organize its festival on the location. As such, the Junieh International Festival Committee decided to use the Gargur Square next to Casino Du Liban. The municipality will clarify its view on this today. (Al Diyar, April 26, 2017)

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WB calls for greater cooperation with private sector to revive MENA economies

25-4-2017

The World Bank (WB) published a report last week on the Economic Prospects in the Middle East and North Africa- April 2017 highlighting the significant developments in the economies of the region and the impact of the present crises on growth. Entitled, ‘Economics of Post Conflict Reconstruction’, the report draws attention to the improvement in the political and security situation in Lebanon in the wake of the presidential elections and the formation of the cabinet, estimating the growth of GDP in 2016 at 1.8% (compared to 1.3% in 2015). The public finance has recorded a 10% deficit in GDP in 2016 and a surge in imports to Lebanon against a decline in Lebanese exports, which led to a widening deficit in trade balance, according to the WB report. The report also pointed out to a fall in remittances from Lebanese emigrants and an associated decrease in the flow of capital to the country. In parallel, the financial manipulation by Banque du Liban was sufficient to recuperate reserves in foreign currency, the report noted, anticipating a growth by 2.5% in 2017 to settle at 2.6% in the medium term (2018 and 2019). The report moreover indicated that the crisis in Syria remains the biggest challenge for economic recovery in Lebanon which hosts the largest number of Syrian refugees. A set of hazards still faces the country, notably, the precarious political and security conditions, as well as the inefficiency and unproductivity of the public sector at multiple levels. This, the report went on to say, requires the introduction of immediate reforms and an effective cooperation with the private sector. In conclusion, the report anticipated the fiscal deficit to fall slightly to 9.5% in 2017, 9.8% in 2018, and 9.4% in 2019. (Al Diyar, April 24, 2017)

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Banking and finance most attractive in Lebanon

25-4-2017

A report published in 2017 by Bayt.com and YouGov has shown that banking and finance are the most attractive industries for professionals in Lebanon (30% of respondents), boast the strongest growth rate (34%) and are most appealing to fresh graduates (36%). According to the ‘Top industries in the Middle East and North Africa’ survey prepared by the leading job site in the region, Bayt.com and the research and consulting YouGov group, academia and education are of most interest to women (39%), closely followed by the financial and banking industries (36%). As per the industry that provides the highest job security rate, the report has indicated that finance and banking came first (39% of respondents), followed by the military/ defense/ police sector (31%). In terms of best salary packages, banking came first (25%), followed by real estate/construction/ property development (23%) and engineering/ design ((20%), the report said. As for the best work-life balance, the report has shown that 35% of respondents said that finance is the top industry in this regard On the most stressful sectors, the military/ defense/ police sector topped the list (24%), followed by the medical services / health care/ media/ journalism/ publishing (19%), as compared to the least stressful industries such as, domestic services (2%), pharmacy (3%), mechanic (3%), marketing research (3%) and communications (3%). On the significance of the above survey, research manager at YouGov, Elissavet Vraka, said that it offers professionals in the MENA region the opportunity to learn about the best job attributes and the industries that secure them best. (Al Mustaqbal, April 25, 2017)

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“Visit Lebanon 2017”: Multilateral project to promote tourism

24-4-2017

In the presence of representatives of tourism agencies, syndicates and the media, the minister of tourism, Avedis Guidanian, announced on Friday the launch on May 25th and 26th of the ‘Visit Lebanon 2017’ project. Guidanian said the initiative, organized by exhibition planner in Europe and North Africa, Global Network, seeks to promote Lebanon as a touristic destination aided with the present atmosphere of security and political stability. The 2-day forum event, Guidanian explained, is expected to attract the largest number of travel and leisure companies, tour operators, festival and conference organizers, and others. The aim is to introduce them to the country and facilitate meetings and ultimately the signing of deals with hotels, restaurants, congress centers, etc. The minister revealed that the first campaign has been kicked off and targeted all sectors of tourism outside Lebanon. So far, he added, and through direct contacts and social networking, around 850 companies from 60 countries have showed interest to participate. Thanking tourism sectors for their responsiveness and cooperation to implement the project, the tourism minister did not forget to commend the role of the private sector in helping those companies become exceptional and boom. (Al Diyar, April 21, 2017)

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Government covers cost of Lebanese participation in international fairs

21-4-2017

Following the Cabinet’s approval to support the participation of Lebanon’s food industries in three international agro-food fairs, Gulfood, Anuga and Fancy Food Show, the chair of the Investment Development Authority of Lebanon (IDAL), Nabil Itani, handed a cheque with the sum allocated for Gulfood to the head of the Syndicate of Owners of Food Industries, Ahmad Hotait. Itani emphasized IDAL’s continuous backing of productive sectors in the country, notably, agro-food industries, particularly in the promotion and investment services. Itani urged all similar industries seeking to export their products to apply for participation in the upcoming Fancy Food Show (NYC, June 2017) and Anuga (Germany, October 2017). Likewise, Hotait stressed that such support allows local industries to be present at expos “under a unified Lebanese pavilion and to achieve two main targets which are: marketing the production of each participant company and promoting Lebanon as a pioneering and reliable producing state,” as he said. It should be noted, that some 42 agro-food institutions showcased their products in the Gulfood Fair between February 26 and March 2. (Al Hayat, April 21, 2017)
 
Previous related news: 
IDAL launches national food export support program
Agro-food is a very promising sector and a main employer in industry
 

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RDCL: Lack of economic vision detrimental to business

20-4-2017

The president of the Association of Lebanese Businessmen and Women (RDCL), Fouad Zmokhol, said that Lebanon’s lack of a clear-cut economic vision, reform plan or urgent development strategy dissuades local and international businessmen and entrepreneurs wishing to invest in the country. Zmokhol, who was speaking during the periodic meeting of RDCL’s board of directors, denounced the government’s latest move to increase direct and indirect taxes as per the new state budget, warning this could have negative impact on the outlook of Lebanese businesspeople and emigrants towards their homeland. The current ambiguity could very well force them to invest in neighboring states that offer generous incentives for foreign investors, RDCL head stated. The said budget, he added, has disregarded the effective partnership between the private and public sectors amidst a lingering deficiency in the infrastructure of the basic water and electric resources. Zmokhol criticized the extension of the Parliament’s term, saying such waste of time flagrantly infringes on the Lebanese Constitution, the constitutional commitments and the laws in effect, as well as encroaches eon the country’s credibility in the world. (Al Diyar, April 20, 2017)

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