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MoE, Lebanese delegation discuss cooperation

May 16

 MoE, Lebanese delegation discuss cooperation

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.

The meeting, which was held at the headquarters of the Securities and Commodities Authority in Dubai, was attended by Abdullah Al Saleh, Under-Secretary of the Ministry of Economy for Foreign Trade Affairs, Hind Al Youha, Director of the Investment Administration, and several officials from the ministry. The Lebanese delegation included presidents of business federations, tourism companies and contractors, as well as representatives of the Industrialists Association and the Economic and Social Council, along with the Lebanese Ambassador to the UAE.

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.

The Minister added that the tourism sector is a priority sector on the economic agendas of both countries.

He also lauded the country’s previous achievements in promoting economic diversification and its success in reducing the contribution of oil to less than 30 per cent of national GDP.