In the past few years, the trade relations between Lebanon and China have been developing steadily. Today, China has become one of Lebanon's largest trading partners, and nearly 10% of Lebanon's imports come from China. " China's novel coronavirus pneumonia has been widely affected by the new crown pneumonia epidemic, but Miriam Jabr still expects the economic and trade cooperation between China and Lebanon, according to the Lebanese ambassador to China.
One of the freest economies in the world
"Lebanon provides the freest investment environment in the Middle East, which has been called one of the freest economies in the region and even in the world. The government maintains a non-interference stance on private investment. " In introducing the investment environment in Lebanon, jabur said with pride.
According to jabur, there are several areas in which Lebanon can receive financial and government incentives, such as tourism, industry, information, communication technology and agriculture.
Tourism is one of the main economic sectors in Lebanon. Lebanon has tourism resources such as ruins of ancient Rome castles, historical churches and mosques, beautiful beaches in the Mediterranean, mountain ski resorts and world-famous food. Tourism in Lebanon has a unique path and mode. The open development, the driving role of other industries in the national economy and the contribution to GDP and employment make tourism play an important role in the national economy.
The government provides loan interest support to the tourism industry through the central bank; tourism companies can obtain 50000 square meters of land with the participation of the government; the European investment bank can provide 30 million euro for hotel construction outside Beirut Loans, etc.
"Lebanon's tourism industry is very attractive to investors because of its mild weather, its tourist attractions and activities throughout the year." Jabble said.
In the field of agriculture, only 6% tariff is imposed on the import of agricultural machinery and raw materials for processing agricultural products; under specific conditions, tax exemption is granted to agricultural practitioners; and loan support is provided to small and medium-sized agricultural projects.
The government of Lebanon actively encourages investment, provides a relaxed investment environment and preferential policies, and guarantees them in the form of laws. In August 2001, Lebanon promulgated the first investment law, drawing on the experience of other countries in attracting investment, limited restrictions on investors, implementing the principle of equal treatment for domestic, overseas Chinese and foreign investment, encouraging free market competition and promoting the development of the private sector, and providing a package of investment preferential policies and good supporting services such as regional and industrial preferences. The low corporate tax rate of 15%, the appropriate tax system and sound investment protection measures have increased the profit margin of investors.
There are no special restrictions on investment modes in Lebanon. Foreign investors can establish, purchase and sell the equity of enterprises and engage in various profit-making activities. There are no special restrictions on foreign M & A in Lebanon, but there are regulations on M & A of banks and enterprises. The main purpose is to strengthen the supervision of financial enterprises.
Idal is the competent investment department under the direct leadership of its prime minister. It has the right to grant licenses to new investment projects and to give special incentives, tax exemption and convenience to major investment projects.
Moreover, jabur believes that Lebanon has the best education system in the region, "we have developed a young, highly skilled, well-educated and multilingual workforce that is well adapted to this technology driven era. Lebanon also has a developed agricultural industry, with olive oil, wine and other high-quality products, which are widely praised all over the world. "
According to the statistics of Lebanon customs, in the first half of 2020, the total trade volume between China and Lebanon will be about 342 million US dollars, a decrease of 61% over the same period of last year. Among them, Lebanon's import from China was about 333 million US dollars, a year-on-year decrease of 61.8%; Lebanon's export to China was about 8.587 million US dollars, with a year-on-year increase of 34.7%.
The novel coronavirus pneumonia epidemic has been affected by some new business activities. Some of its business activities such as exhibitions and conferences have been slow. In addition, due to restrictions on overseas travel, international circulation of goods and business trips have been affected to varying degrees. "However, we still believe that in the near future, bilateral trade between China and Lebanon will resume growth and will grow at a faster rate." She added.
As Lebanon is the gateway to the Middle East and Africa, in 2019, the China Council for the promotion of international trade announced the establishment of an office in Lebanon, "this will further strengthen the cooperation between the chambers of commerce between China and Lebanon, and promote the further development of bilateral economic and trade relations." Jabble said.
One belt, one road initiative, has the same spiritual core.
Lebanon has been an important node on the Silk Road since ancient times. In the middle ages, the Arabs transported oriental spices and other commodities to Europe through Venetian merchants. The people of Lebanon have inherited this kind of commercial gene and advocate foreign trade.
According to statistics, in recent years, the total travel days of Chinese tourists in West Asia and North Africa have changed from a few days to a dozen or even dozens of days. All these changes have one of the benefits of one belt, one road initiative.
Since the "one belt, one road" initiative was put forward, the Lebanese community has responded positively to this. "One belt, one road initiative" proves that it is very efficient to bridge the various countries. China has and is promoting infrastructure construction and