Industry calls for continued aid after losing 30% of its exports

In a statement addressed to the government yesterday, the president of the Lebanese Industrialists Association, Fadi Gemayel, asked for an extension of the LBP 21 billion financial package which was earmarked to support the maritime export of made-in-Lebanon industrial and agricultural products to Arab countries, and that it after the expiry of the 7-month period originally set for the scheme. Gemayel also requested a broader and all-inclusive initiative to subsidize the cost of exports, in such a way that it covers all the importing countries and not just the Gulf countries, Iraq and Jordan which were targeted following the closure of the Syrian land borders. The industrialists' president clarified that his demand comes a result of the continuous decline in industrial exports and growing operational costs. The industrial sector, Gemayel concluded, has since 2012 lost nearly 30% of its exports, stressing that, with proper support, this vital sector will be able to offset the estimated USD one billion in losses which were recorded.

(As Safir, Al Diyar, An Nahar, May 5, 2016)