Latest news with #AssociationofLebaneseIndustrialists
MTV Lebanon
15-07-2025
- Business
- MTV Lebanon
Aoun: Industry is a pillar of Lebanon's economy, urges reforms to strengthen sector
President of the Republic, General Joseph Aoun, reaffirmed Lebanon's identity as an industrial nation and stressed that the sector remains a vital pillar of the country's economy. Aoun further voiced full support for Lebanese manufacturers, describing them as 'makers of hope for a promising economic future,' and pledged governmental action to protect local industry from smuggling and tax burdens. The President's comments came during a meeting at Baabda Palace with a delegation from the Association of Lebanese Industrialists, led by its president Salim Zeeni, who presented a detailed overview of the sector's current challenges. Zeeni emphasized that Lebanon's industrial output stands at $12 billion annually, nearly one-third of the national GDP, and employs some 220,000 workers. He called for practical reforms, including a special electricity tariff for factories, streamlined customs procedures, and legislative incentives to protect domestic production. President Aoun was also briefed by Minister of Youth and Sports Nora Bayrakdarian on upcoming summer sports festivals and the development of a national sports strategy, set to be launched at a September conference under his patronage. The President later met with MP Adib Abdel Massih to discuss regional developments, anti-corruption efforts, and the needs of the North, particularly the Koura region. He also held talks with former MP Hadi Hobeich, focusing on electoral reform, the issue of arms outside state authority, and infrastructure needs in Akkar. Additionally, a delegation from the Christian Coordination Council—including Dr. Fouad Abou Nader, attorney Naoum Farah, Dr. Naji Hajar, and Jean Chamoun—outlined the council's development, agricultural, and healthcare initiatives aimed at strengthening local communities and preserving national unity. President Aoun also received Lebanon's ambassador to the United Kingdom, Rami Mortada, who briefed him on diplomatic developments and bilateral relations.
LBCI
03-04-2025
- Business
- LBCI
Lebanon hit with new US tariffs: Will it affect trade?
Report by Lea Fayad, English adaptation by Karine Keuchkerian Lebanon is on U.S. President Donald Trump's list of more than 180 countries facing new tariffs, with a 10% duty imposed on Lebanese exports. How will this impact Lebanon? First, let us examine what Lebanon exports to and imports from the United States. In 2024, Lebanon imported more than $570 million worth of goods, including cars, pharmaceuticals, chemicals, medical supplies, and electronic equipment. Meanwhile, Lebanese exports to the U.S. totaled $150 million, consisting of fertilizers, precious stones and metals, food and beverages such as wine, nuts, spices, vegetables, oils, furniture, clothing, and more. In other words, Lebanon imports nearly four times as much as it exports. Lebanese exports to the U.S. are already subject to tariffs ranging from 0% to 10%. As for Trump's newly imposed 10% tariff, Lebanese officials are still unclear on how it will be applied. However, according to sources familiar with the matter, it is likely that all Lebanese exports will now be subject to a flat 10% tariff rather than an additional 10% on top of existing duties. Regardless of the specifics, higher tariffs mean increased prices for Lebanese products in the U.S. However, the Association of Lebanese Industrialists believes this will not significantly impact exports, as the primary consumers of Lebanese goods in the U.S. are members of the Lebanese diaspora, who are unlikely to forgo these products. What about imports from the U.S.? Lebanon currently imposes a 10% tariff on American goods. This raises an important question: Why doesn't Lebanon grant the U.S. an exemption similar to the one it provides European Union countries? If it did, the U.S. could reciprocate and exempt Lebanon. According to Economy Minister Amer Bisat, a free trade agreement or a U.S. tariff exemption is a positive and important idea, but it would take months to negotiate. From an economic perspective, such an agreement would expand Lebanon's market. The revenue generated from increased exports would outweigh the customs duties collected by the state, as it would contribute to business growth, economic development, and job creation.
