$457 million invested in projects supported by IDAL

Improved efforts to promote agricultural exports

The Investment Development Authority of Lebanon (IDAL) continued offering incentives and facilitations in 2012, in spite of a difficult investment environment.

IDAL received 35 applications for incentives related to new ventures or the expansion of existing projects. 11 of these projects met the requirements stipulated by Law 360 to benefit from incentives, of which five were completed in 2012. The overall cost of all projects reached $457 million, and resulted in the creation of around 3,000 direct or indirect jobs.

IDAL’s Agri Plus program contributed to increasing agricultural exports to 368,000 tons in the first ten months of 2012, up by eight percent from the same period in 2011. Potatoes accounted for 25 percent of these imports, followed by citrus fruits (22 percent), and apples (20 percent). Notably, exports of olive oil were included for the first time in the program and reached 804 tons.

In terms of agro-food exports, IDAL promoted local canned foods, coffee, grains, and preserves in two major international fairs: Gulfood in Dubai and SIAL in France. This resulted in the signing of several deals.

IDAL’s chairman Nabil Itani said the authority will continue to improve the country’s business landscape. “Lebanon’s economic policy and legal structure offer investors several unique benefits such as non-exclusivity, openness to regional markets, human capital, and funding,” he said.

Itani called for more companies to be able to benefit from Law 360. Since 2003, IDAL has supported a total of 44 projects in different sectors for a value of $1.6 billion, creating around 20,000 direct and indirect jobs.