USD 1 billion the size of Lebanese food industry

The size of the food industry sector in Lebanon for 2013 amounted to nearly USD one billion and 100 million of the Gross Domestic Product which stood at USD 44.35 billion, thus representing 2.4% of GDP (based on World Bank figures), according to a study recently published by the Investment Development Authority of Lebanon (IDAL). The study entitled, ‘investment opportunities in the agro-food sector for the year 2016’, and reported in Al Akhbar newspaper of yesterday, aims at promoting investment in the food industries through the following: provision of the required database and statistics; casting IDAL anticipations of existing prospects, and offering investors incentive and tax exemption packages. According to the above study, the agro-food sector is a leading job generator within the industrial sector, securing over 20 thousand jobs (around 25% of the total industrial labor force). The sector also embraces the largest share (23%) of the industrial establishments (equivalent to 970 businesses), according to IDAL survey, which adds that nearly 34% are located in Mount Lebanon and 30% in the Beqaa area. In terms of exports, the study indicated a growth in food industrial exports from USD 422 million in 2012 to USD 548 million in 2015, representing nearly 18.6% of overall Lebanese exports during the same year. Food industry exports per category were distributed as such: fish and meat (25.8%, the largest ratio); breads and pastries (17.8%); dairy products and cheeses (11.5%); dried fruits and veggies (10.9%), while the main destination of made-in-Lebanon goods were the Arab countries. Finally, IDAL study noted 5 key areas for potential investment in the food sector that could achieve significant growth rates in the coming years, namelybolive oil, dairy products, dried fruits and nuts, canned foods and wine. (More on the study on the following link: http://al-akhbar.com/node/270162).  Al-Akhbar 28 December 2016)