Optimistic on economic prospects

Mikati says government working on plan to fuel Arab investments in Lebanon

Prime Minister Najib Mikati said on Thursday (September 15) that the government is working on an economic development plan to stimulate Arab investments in the country.

“The government looks forward to approving several projects in multiple sectors, including in oil and gas,” Mikati told the Arab conference for Investment and Tourism.

The PM said that he is confident over the country’s security. He also said the country has had a remarkable performance in previous years in terms of high growth rates.

Mikati said that the private sector would “always be ready to put its expertise at the disposal of Arab investors.”
The PM ruled out a solution for the global financial crisis in the near future. He said, however, that the time has come for the Arab economy to benefit from its resources.

The President of the World Union for Arab Bankers, and Chief of the Association of Banks in Lebanon (ABL), Joseph Torbey, called for formulating a roadmap for the Arab economy that would include specific proposals for attaining economic integration. He also called the Arab governments to support measures that would boost inter- trade and facilitate the flow of capitals, goods, and services in between the Arab states.

Torbey urged further cooperation among Arab states in eliciting existing investment opportunities, as well as in removing reservations on the input of the private sector in economic and social development. Torbey also called Arab countries to carry out an inclusive reassessment of the regulations structure and to introduce the principles of good governance.

Torbey said that Lebanon has many promising investment opportunities in the fields of tourism, real estate, finance, banks, industry, and value-added industries. He called the government to initiate a national program for rebuilding and renovating infrastructure through a partnership with the private sector.

The two-day conference, held at the Adnan Kassar building in Beirut, will also discuss the sought reforms aimed at enhancing the business environment in Arab states, with an emphasis on the prospected investment projects in banking, tourism, and real estate sectors.