Haj Hassan criticize past economic policies and calls for boosting exports

The Minister of Industry, Dr. Hussein Haj Hassan, said “the Lebanese industry boasts high quality and a substantial human and material capital, as well as education, expertise, know-how, communication, external relations and marketing capabilities. This can be clearly seen in the low rate of returned items and goods (4%).” Haj Hassan was speaking after a visit to industrial plants located in the North Matn area, which hosts 30% of Lebanon’s factories, and this upon invitation from the North Matn Industrialists Grouping. The Minister expressed his concerns over challenges facing the Lebanese economy, mainly persistent and growing trade deficit which has reached USD 16 billion while the unemployment rate exceeded 25%. Meanwhile and according to the Minister, public debts and Gross Domestic Product recorded USD 67 billion and USD 47 billion respectively. He criticized the overall negative context, namely past economic policies which marginalized the role of agriculture and industry, resulting in both falling to 6% and 11% of GDP respectively. This he said, resulted in the loss of employment opportunities by many while adding: “It is not acceptable that we continue to import USD 17 to 20 billion in goods annually while our exports do not exceed a mere USD 3 billion. Minister Haj Hassan concluded by saying: “We are proud of our local industry; I am pressing for increased government action to enhance exports.”, adding: “We aim at cutting the deficit in the balance of foreign trade by enforcing the appropriate measures, like introducing protective tariffs and import authorisations, particularly so since the government is unable, presently, to offer the necessary financial support to exporters.” 

 

(Source: As-Safir& Al-Diyar, February 3, 2015)