Economy
The 15 year civil war from 1976 to 1991 all but entirely destroyed
the economy, Beirut’s position as a major
financial and commercial centre
for the Middle East was lost. Since then, both Lebanon and Beirut
have gone a long way to re establishing themselves. Agriculture
now accounts for about 10 % of Gross Domestic Products, with citrus
fruit, olives and cereals as the main products.
Light industries include processed foods, textiles
and industrial machinery. There are no important mineral resources,
but the manufacturing industry is growing rapidly. In the all important
service sector, the 2 main components, banking and transit trade
(both of which were almost wiped out during the civil war) have
recovered reasonably well. Vital reconstruction, financed by expatriate
capital, international aid and foreign investment, began with infra
structural projects.
However, by the late 1990's, the government’s failure to control
the budget shortage and external debt was causing serious difficulties.
Annual growth had fallen from an average 4 % during most of the
1990s to just over 1 % by 2000. At the end of 2000, the government
introduced a major reform program based on privatisation and promotion
of foreign investment. However, it was at pains to do so outside
the normal channels of the IMF and World Bank which, the government
felt, imposed intolerable constraints on its freedom of manoeuvre
on economic policy making.
To that end, in November 2002, Lebanon successfully raised
a $ 4 billion loan package from a association including
a dozen governments (notably excluding the United States) and a
number of investment banks and multinational funds. Earlier in the
year, Lebanon finished a major bilateral trade deal with the EU.
Besides the EU, the Syrian Arab Republic, audi Arabia, the United
Arab Emirates and Kuwait are Lebanon’s principal trading partners.
Business
Business people generally wear a jacket
and tie. English is spoken by many local business people and normal
courtesies are observed. Appointments and business cards are used.
General office hours are Monday to Friday
from 8.00 am to 1.30 pm and 3.00 pm to 6.00 pm.
Government
office hours are Monday to Thursday from 8.00 am to 2.00
pm, Friday 8.00 am to 11.00 pm, Saturday 8.00 am to 1.00 pm.
Commercial Information
The following associations can offer advice:
Chamber of Commerce, Industry and Agriculture of Beirut and Mount
Lebanon
Address: PO Box 11-1801, Rue Sanayeh, Sanayeh, Beirut
Telephone: (1) 353 390 or 744 160
Facsimile: (1) 353 395
Email address: tradeinfo@ccib.org.lb
Website address: www.ccib.org.lb
Ministry of Economy and Trade
Address: Artois Street, Hamra, Beirut
Telephone: (1) 340 504/5
Facsimile: (1) 354 640
Website address: www.economy.gov.lb
Euro Info Correspondence Centre (EICC)
Address: PO Box 11-1801, 1 Rue Justinien, Sanayeh, Beirut
Telephone: (1) 744 163
Facsimile: (1) 341 039
Website address: www.euroinfocentre.net
|
