Lebanon’s caretaker Minister of Economy and Trade Amin Salam said the country would not be able to keep pace with the investment opportunities in the region unless it implemented the required financial and legal reforms as soon as possible.
In an interview with Asharq Al-Awsat on the sidelines of the Arab-Chinese Business Conference in Riyadh, Salam said: “Saudi Vision 2030 has kicked off, passing through the Arab countries. Lebanon can join this promising vision through its well-known competencies, especially since the Kingdom of Saudi Arabia has a history of cooperation with the Lebanese people.”
He stressed that the Lebanese people “can be part of many promising sectors, including technology, digital economy, medicine and energy.”
Asked about his meetings in Saudi Arabia, the minister said discussions covered the preparations for the meeting of the joint Lebanese-Saudi committee, which is overseeing the implementation of 22 joint agreements, as well as opportunities that Lebanon can seize through the Saudi Public Investment Fund (PIF).
“These opportunities are important and available if Lebanon demonstrates seriousness in political and economic reform, and provides the appropriate ground for that,” he stated.
“Investments and job opportunities cannot be created without a banking sector that starts with the restructuring of banks and approves Capital Control, in order to establish a legal and financial foundation to start seizing the promised investments,” he added.
Salam called for “providing the appropriate ground for the best relations with the Kingdom and Arab countries, through the implementation of political and economic reforms, and combating corruption.”
He noted that Arab countries were seeking to deal with Lebanon through clear partnerships.
He went to say that providing safety and restoring confidence could only be achieved by re-organizing institutions, starting with the election of a president of the republic, the formation of a new government and the revival of state institutions.
The minister emphasized that Lebanon’s commitment to political, economic and financial reform, activating governance and accountability, and enhancing investor confidence in the country “require a serious and patriotic approach.”
“The Lebanese people must take advantage of the existing golden opportunity given the new circumstances in the region, most notably after Syria’s return to the Arab League,” he remarked, saying Syria was Lebanon’s land gateway to the Arab world.
Asked about his ministry’s efforts in this regard, Salam revealed ongoing steps in cooperation with other concerned ministries to prepare the appropriate environment to benefit from the large investment and economic opportunities in the region.
He said official letters would be sent to the ministries of investment, trade, economy and energy in the Kingdom, in cooperation with the competent Lebanese authorities, to brief them about Lebanese youth and graduates and their specializations.
