Lebanon Wants to Hold Talks with Europe to Solve Refugee Crisis

Lebanese caretaker Prime Minister Najib Mikati (l) shaking the hand of Italian Prime Minister Giorgia Meloni (r) at a conference in Rome, Italy on 23 July 2023.
Lebanese caretaker Prime Minister Najib Mikati (l) shaking the hand of Italian Prime Minister Giorgia Meloni (r) at a conference in Rome, Italy on 23 July 2023.
TT
20

Lebanon Wants to Hold Talks with Europe to Solve Refugee Crisis

Lebanese caretaker Prime Minister Najib Mikati (l) shaking the hand of Italian Prime Minister Giorgia Meloni (r) at a conference in Rome, Italy on 23 July 2023.
Lebanese caretaker Prime Minister Najib Mikati (l) shaking the hand of Italian Prime Minister Giorgia Meloni (r) at a conference in Rome, Italy on 23 July 2023.

Caretaker Prime Minister Najib Mikati on Sunday expressed Lebanon’s disappointment with the recent decision by the European Union Parliament to keep the Syrian refugees in Lebanon, saying the move clearly violates Lebanon's sovereignty.

“Lebanon is disappointed with the recent decision of the European Parliament. This decision is a clear violation of Lebanese sovereignty and does not consider the concerns and aspirations of the Lebanese people,” the prime minister said at the International Conference on Development and Migration held in Rome.

Mikati then stressed on the need to forge a strong strategic partnership and enhance coordination between the European Union, Mediterranean countries, and Lebanon.

“Our shared goal is to effectively tackle the refugee crisis in a manner that aligns with the expectations of the region's population, safeguards peace and security in Lebanon, and assists Europe in addressing specific migration and development-related challenges, with the priority being the preservation of lives, internal stability, and security in our respective nations,” he stated.

Mikati added that although Lebanon has not signed the United Nations High Commissioner for Refugees (UNHCR) 1951 Refugee Convention, Lebanon has provided shelter and assistance to Syrians during the Syrian war despite extremely limited resources and severe job opportunities in the country.

He said the Lebanese people welcomed refugees with open arms and shared all they had to support them during these challenging times.

Highlighting the stance of the Lebanese government on the issue of Syrian refugees, Mikati said: “Now that the conflict in Syria has ended, we need to develop a plan for the safe and secure return of all refugees to their homeland.”

He urged International organizations and donor countries to redirect the funds to refugees in Lebanon to those who decide to return to their home country.

He then told participants that the situation in Lebanon is critical, particularly considering its hosting of one of the highest numbers of refugees relative to its population in the world.

“Lebanon, a relatively small country with a population of five million, now accommodates approximately two million Syrian refugees. To put this in perspective, it is as if Italy were to host and accommodate 20 million refugees,” the PM noted.

Mikati stressed that this disproportionate burden places immense strain on the country's infrastructure, economy, and social fabric, which an unprecedented economic and financial crisis has severely impacted.

He then criticized the recent European Parliament decision, which he said appears to overlook the multifaceted complexities and challenges that Lebanon faces.

“Rather than recognizing Lebanon's resilience and supporting it and the Lebanese Armed Forces in addressing the refugee crisis, we find ourselves blamed or, more accurately, penalized for our hospitality and efforts,” he said.

Also, the pressure imposed by this crisis and the dire consequences of the long-term presence of Syrian refugees in Lebanon undermine the social fabric and directly threaten its model of diversity, Mikati said.

The Lebanese PM then affirmed that Lebanon is ready to engage in dialogue, cooperation, and collaboration with all international partners to develop a joint roadmap for addressing this crisis. “We are eager to enhance our cooperation with the European Union in this endeavor,” he said.



Investors Eye Syria After Trump Sanctions Move

Syrian watch a televised speech of President Ahmed al-Sharaa at a café in Aleppo (AFP) 
Syrian watch a televised speech of President Ahmed al-Sharaa at a café in Aleppo (AFP) 
TT
20

Investors Eye Syria After Trump Sanctions Move

Syrian watch a televised speech of President Ahmed al-Sharaa at a café in Aleppo (AFP) 
Syrian watch a televised speech of President Ahmed al-Sharaa at a café in Aleppo (AFP) 

An end to US sanctions on Syria is expected to mark a new era for an economy devastated by 13 years of war, opening the way for investment flows from the Syrian diaspora, Türkiye, and Gulf states that back the new government.

Business executives, Syria's finance minister, and analysts told Reuters they anticipated an influx of capital into the bankrupt economy once sanctions are lifted in line with President Donald Trump's surprise announcement, notwithstanding the many challenges still facing the deeply-fractured nation.

Billionaire Syrian businessman Ghassan Aboud told Reuters he was making plans to invest, and expected other Syrians with international business ties to be doing the same.

“They were scared to come and work in Syria due to the sanctions risks ... This will completely disappear now,” said Aboud, who lives in the UAE.

“I'm of course planning to enter the market, for two reasons: I want to help the country recover in any way possible, and second, the ground is fertile: any seed planted today can result in a good profit margin,” he said, outlining a multi-billion dollar plan to boost Syrian art, culture and education.

The lifting of sanctions would radically reshape an economy already set on a new course by Syria's new rulers, who have pursued free-market policies and shifted away from the state-led model adopted during five decades of rule by the Assad family.

The United States and other Western powers imposed tough sanctions on Syria during the war that spiraled out of protests against Bashar al-Assad's rule in 2011.

Syrian President Ahmed al-Sharaa said in a televised address late on Wednesday, that Trump's decision was historic and brave, and vowed that Syria would strengthen the investment climate.

“We welcome all investors from our homeland, both at home and abroad, and from our Arab and Turkish brothers and friends around the world,” he said.

The conflict has turned many urban areas to rubble and killed hundreds of thousands of people. More than 90% of the 23 million Syrians live below the poverty line, UN agencies say.

“There's a real chance for a transformational change in Syria and the broader region," said Timothy Ash, senior sovereign strategist for emerging markets at RBC BlueBay Asset Management.

Turkish firms and banks are expected to benefit from the lifting of sanctions, said Onur Genc, chief executive officer of financial group BBVA, whose group comprises Garanti BBVA, the second-largest private bank in Türkiye.

“For Türkiye, it's going to be positive because there's a lot of reconstruction needed in Syria. Who's there to do that? The Turkish companies,” he told Reuters.

“The lifting of the sanctions would allow the Turkish companies to go there now much better, and the Turkish banks to be able to finance them - so it will help,” he said.

Syria’s economy more than halved between 2010 and 2021, official Syrian data cited by the World Bank in 2024 showed. However, this was likely an underestimate, the bank said.

Syria's pound has strengthened since Trump's announcement.

Currency traders said it was hovering between 9,000 and 9,500 to the dollar on Wednesday, compared to 12,600 earlier this week. Before the war in 2011, it traded at 47.

Syrian Finance Minister Yisr Barnieh told Reuters that investors from the United Arab Emirates, Kuwait and Saudi Arabia, among others, had been making inquiries about investing.

“Syria today is a land of opportunities, with immense potential across every sector—from agriculture to oil, tourism, infrastructure, and transportation,” he told Reuters.

“We call on all investors to take this opportunity.”

Watching footage of Trump meeting Sharaa in Riyadh on Wednesday at his Damascus office, Karam Bechara, general manager of Shahba Bank in Syria, described excitement in the business community. “It’s too good to be true,” he said.

“We’re on the right track now internationally unless something happens in Syria that derails the process,” he said.

But Syria remains fragile.

Some armed groups have yet to turn their weapons over to the government, Kurdish autonomy demands are a point of friction, and sectarian violence has left minorities afraid of Sharaa's rule, despite his promises of protection and inclusive governance. Israel opposes Sharaa, saying he remains a jihadist, and has bombed Syria repeatedly.

Jihad Yazigi, editor of a leading newsletter on Syria's economy, Syria Report, said the US decision was transformative because it sent “a very strong political signal” and opened the way for its reintegration with the Gulf, international financial organizations, and Syria's big diaspora in the West.

Imad al-Khatib, a Lebanese investor, said he had accelerated his plans to invest in Syria after Trump's announcement.

Together with Lebanese and Syrian partners, he carried out a feasibility study for a $200 million waste sorting plant in Damascus two months ago. On Wednesday morning, he sent a team of specialists to Syria on Wednesday to begin preparations.

“This is the first step ... and larger steps will follow, God willing. We will certainly work to attract new investors because Syria is much larger than Lebanon,” he told Reuters.