Daily Times

Ambassador of Pakistan to Lebanon Salman Ather on Monday emphasised the need for a good introduction of Pakistani products in the Lebanon market to exploit plenty of potentials. He was talking to the business community at the Lahore Chamber of Commerce and Industry (LCCI). LCCI President Mian Nauman Kabir presented the address of welcome while Senior Vice President Mian Rehman Aziz Chan and Vice President Haris Ateeq also spoke on the occasion. Executive Committee Members Mian Ateeq-ur-Rehman, Chaudhry Wajid Ali, Imran Bashir and Malik Riaz Iqbal were also present.

The ambassador said that a lot of work was needed to be done to introduce Pakistani products in Lebanon. He said that Lebanon was a consumer-based market and a wide range of Pakistani products can be exported there. He said that there was a good scope for the Pakistani pharmaceutical sector as Lebanon is importing costly medicines from other countries.

He assured the businessmen of extending all possible cooperation for strengthening business relations with Lebanon. He said that online meetings between the businessmen of the two countries would be arranged.

The ambassador said that both countries had plenty of potentials to enhance cooperation and joint ventures in construction, tourism and many other sectors of the economy. LCCI President Mian Nauman Kabir said that Pakistan and Lebanon had close diplomatic relations based on mutual respect and understanding. Both countries are members of the Organization of Islamic Cooperation.

He said that the prevailing economic situation in Lebanon was a cause of concern for the entire region. Lebanon is facing severe economic, financial and social crises at the moment. Lebanon’s GDP dropped from 55 billion dollars in 2018 to nearly 30 billion dollars in 2021. According to the World Bank data, the GDP growth rate of Lebanon stood at a negative 21.5 percent in 2020.

Mian Nauman Kabir said, “We often hear about Lebanon that there is a human crisis going on due to high inflation, poverty, unemployment, weak public financial management, large macroeconomic imbalances and deteriorating social indicators, etc.”

He said that the impact of the Port of Beirut explosions which occurred in August 2020 added salt to the injuries of Lebanese. Other than hundreds of human casualties, it caused property damages worth around 15 billion dollars. Moreover, Lebanon is still struggling to cope with the challenges of Covid-19 due to having a weak health infrastructure.

The LCCI President said that the aforementioned scenario seemed quite challenging for the Pakistani Embassy in Lebanon. He said that situation should be assessed and the opportunities should be explored where Pakistan can help Lebanon in reviving the economy of Lebanon. “We believe that within every adverse situation there lies an opportunity,” the LCCI President added.

While talking about two-way trade, Mian Nauman Kabir said that according to the statistics by the State Bank of Pakistan, Pakistan’s exports to Lebanon in 2020-21 were $9.6 million while our imports were around $2.9 million. Even in the first 5 months of the current financial year (July-November 2021), our exports to Lebanon stood at around $4.4 million while our imports from Lebanon stood at one million dollars.

He said that Pakistan’s exports to Lebanon mainly comprised of rice, pharmaceutical, cotton, textile and plastics, etc., while our imports from Lebanon mainly consisted of iron and steel.

The LCCI President said that there was considerable potential to enhance our exports of surgical instruments, sports goods, footwear, light engineering goods, processed food, and automotive parts to Lebanon. There is also a great potential for both countries to enter into Joint Ventures in the sector of Construction.

Mian Nauman Kabir said that there was a need for identifying potential products that Pakistan could export to Lebanon. He requested the Ambassador to keep sharing the market intelligence reports on a regular basis.