Worldwide Lebanese 2011 on July 20-21

Expatriates’ remittances exceeded $8 billion, represent 21 percent of GDP

July 6, 2011- The international networking conference for the Lebanese diaspora, “Worldwide Lebanese 2011”, will be held Wednesday and Thursday (July 20 & 21) at the Four Seasons Hotel downtown Beirut. The conference, held under the patronage of former Prime Minister Saad Hariri, is organized by EVENTZ Mena.

The announcement of the seminar was made Tuesday (July 5) during a news conference at the head office of the Union of the Chambers of Commerce, Industry, and Agriculture for Beirut and Mount Lebanon.

Head of the EVENTZ Company, Gayath Rifai, said the size of remittances transferred by expatriates for 2010 exceeded $8 billion, according to World Bank figures. Rifai said the conference will address the effective role of the diaspora in supporting the local export industry through bringing local products in line with international standards, which would boost exports and take the economy a step closer towards foreign trade.

Head of the Union of the Chambers of Commerce, Industry, and Agriculture, Muhammad Shukeir said the union’s support to Worldwide Lebanese 2011 came out of its belief that the businessmen sector should determine the bureaucratic challenges holding back investors abroad.

BLOM Bank’s Deputy General Manager Elias Aractingi said the banking sector deposits account for more than 300 percent of GDP. This high deposit rate is attributed to three factors: deposits of non-Lebanese, deposits of expatriates, and the deposits of the Lebanese with financial sources abroad.

Head of the Investment Development Authority of Lebanon (IDAL) Nabil Itani said remittances from expatriates account for 21 percent of GDP, the highest among the top 10 developing countries in attracting remittances.

The conference will include a session on ways to support the lcoal market and make it more competitive, as well as a special panel addressing the Lebanese franchising model.