Business forum in Beirut discusses ways to boost Lebanon

Experts gathered at the China-Arab Banking and Business Forum Tuesday provided different insights on ways of boosting bilateral ties between Lebanon and China.

"China will continue to explore cooperation with Lebanon especially in infrastructure projects and sectors related to people's livelihood in light of the economic plan and political agenda of the new Lebanese government," said Chinese Ambassador to Lebanon Wang Kejian.

Wang said that China has set up a special loan of 15 billion U.S. dollars to support the industrialization of the Middle East that will benefit Lebanon.

Wang's remarks came during a session held within the framework of the forum.

Dubbed "Role of Lebanon as a hub for China and its prospective projects," the session aimed at discussing ways of fostering Lebanese-Chinese relations.

"We could further optimize the legal framework of bilateral economic and commercial cooperation, discuss possibilities of agreements on double taxation avoidance and labor cooperation, upgrade the bilateral investment promotion and protection agreement," said Wang.

The ambassador added that the two countries can also uphold the multilateral trading system and support Lebanon to accelerate its WTO accession process.

"We can further discuss the current concern of the Lebanese side on increasing its exports to China, continue to improve the level of mutual openness and expand the bilateral trade flows," he said.

Wang added that the two countries can also boost the exchanges and consultations on monetary and financial cooperation, encourage the financial institutions from both sides to set up branches, and facilitate Chinese companies to explore the Lebanese market and contribute to the Lebanese economy.

Wang also noted that communication between enterprises from both sides is a priority.

Meanwhile, Fadi Hayek, Lebanese secretary general of the High Council for Privatization and PPP, suggested that China invest in breaking down the language barrier.

"The language barrier is very difficult and it should be broken. We call on our Chinese counterparts to invest in the Chinese language education in our part," he said.

Hayek said that although Lebanon is a small market, it cannot be underestimated, noting "Lebanon is a hub for the Middle East region."

He said that Lebanon plays an important role in sectors such as technology, telecom and renewable energy. "You should think about joint investments with Lebanese companies in the region," he added.

Lebanon secured over 11 billion dollars in soft loans and grants from international donors at CEDRE to revamp its ailing infrastructure and bolster its economy.

CEDRE is an international conference in support of Lebanon's development and reforms.

However, authorities must speed up the formation of the new government to start necessary reforms to obtain the help pledged at CEDRE.