UAE, Lebanon Agree on Boosting Trade and Investments

Sultan Al Mansoori, UAE Minister of Economy, and Nicolas Nahhas, Lebanon's Minister of Economy, decided to formulate an integrated action plan to further drive the economic relations between the two countries. The plan aims to strengthen cooperation in various economic sectors, specifically in the areas of investment, industry, tourism, agriculture and clean energy, trade and services. It will also enhance cooperation in developing laws and economic legislations and exchange of expertise, especially with the UAE Ministry of Economy currently developing about 19 draft laws, such as the Companies law and legislations regarding small and medium enterprises. During the meeting, both sides discussed the UAE's participation in the UAE- Lebanese Forum to be held in Beirut on May 12, 2012. Leading entrepreneurs and investors from both countries will meet to discuss ways of enhanced cooperation and exploring investment opportunities in various economic sectors in both countries. The two sides stressed the importance of this event in promoting economic relations between the two countries and establishing joint ventures in the economic interest of both countries.

Al Mansoori expressed the desire of the UAE to strengthen the frameworks of joint actions with Lebanon, adding that several UAE entrepreneurs are interested in investing in the various economic sectors of Lebanon. He underlined the importance of having an appropriate investment environment and facilities, emphasizing the importance of the UAE- Lebanese Forum in promoting this trend. He briefed his Lebanese counterpart on the package of services provided by the Ministry, specifically the electronic services such as issuing certificates of origin and service registration of commercial agencies and others. The Lebanese minister was also briefed on the nature of the work of the Consumer Protection Department in the Ministry of Economy, including the various services and initiatives to protect consumer rights and promote market stability. He was also briefed on the Electronic System for Goods Monitoring, a project launched by the Ministry. The first of its kind in the world system, aims at promoting market stability by evaluating the movement of goods on a daily basis, through linkages between major trading centers and ports, the customs of the UAE and the FAO via an electronic system that monitors the volume and price of about 200 commodities.

The Lebanese Minister was impressed by the quality of advanced services provided by the Ministry of Economy, which is considered a role model in the Middle East and expressed his desire to transfer the expertise to the Ministry of Economy in Lebanon. He also praised the economic development in the UAE and expressed his country's readiness to provide all the facilities and legislation that enhance the investment climate in various economic sectors in Lebanon. The Minister pointed out the need to draw on the UAE's experiences in various economic sectors, specifically in the field of private free zones, alternative energy, agro-processing and tourism. Al Mansoori highlighted the importance of meetings between the two countries to discuss various aspects of trade relations, and to strengthen the frameworks of mutual cooperation thus facilitating enhanced trade.