Delegations from the UAE and Lebanon discussed the ongoing economic and commercial ties across a range of sectors
Sultan bin Saeed Al Mansouri, Minister of Economy, and a senior Lebanese economic delegation, led by Mohamed Shuqair, Chairman of the Lebanese Economic Authorities, discussed the ongoing economic and commercial ties between the UAE and Lebanon across a range of sectors, as well as their potential future development, while highlighting the importance of promoting cooperation between their business communities and researching investment opportunities in the areas of tourism, food, industrial products, infrastructure and real estate, according to state news agency WAM.
The delegation presented the economic development witnessed by Lebanon after the Cedar Conference that was held in Paris, which provided the country with $11.8 billion to develop its infrastructure. The delegation also highlighted their country’s current efforts to attract investment and encourage leading companies to work with the Lebanese private sector. The two parties agreed to organise an investment forum between the UAE and Lebanon during the second half of the current year.
Al Mansouri noted the bilateral relations between the two countries and stressed that their average annual non-oil economic exchange during the past five years reached around $2 billion while highlighting the importance of researching relevant economic and investment opportunities, promoting mutual cooperation and advancing their foreign trade relations, adding that the tourism sector is a priority sector on the economic agendas of both countries.
According to WAM, Al Mansouri lauded the country’s previous achievements in promoting economic diversification and its success in reducing the contribution of oil to less than 30 percent of national GDP, which has helped to achieve economic efficiency and flexibility when facing various economic challenges. Al Mansouri then pointed out that the UAE has an advanced infrastructure and efficient logistical services, as well as an air, land and maritime transport sector that is globally competitive.
He affirmed the importance of promoting the ties between the private sectors of both countries, as well as exploring priority sectors and making suitable recommendations, to achieve their desired progress.