Lebanese Republic 
Minister of Economy meets his Saudi peer in a positive meeting:
A great opportunity we are keen to make it successful in order to revitalize the relationship between the two countries
Minister of Economy and Trade, Amin Salam, met his Saudi peer Minister of Economy and Planning, Faisal Bin Fadel Al Ibrahim, during his visit to the Kingdom of Saudi Arabia, at the head of Lebanon’ delegation during the meetings of the Economic and Social Council at the ministerial level of the Arab League Council. The meeting was an occasion to discuss ways of strengthening joint economic, trade and investment relationship between the two countries for the coming period.
Salam emphasized during the meeting on the privacy that characterizes the economic relationship between the Kingdom of Saudi Arabia and Lebanon, going back to more than seven decades and covering trade, industrial, banking and touristic sectors. He also stated the importance of the Saudi investments that have always played a main role in Lebanon’s economy, constituting 20% of the overall foreign investment during last decades before the last crisis. As a result, the Saudi Arabia constituted the first direct investor in Lebanon, the first depositor and the bigger importer.
Salam also added: today, we have a great opportunity to revitalize the lebanese- Saudi relationhip that has been always characterized by depth and durability based upon positive regional developments and their consequences on institutional and economic relations, specifically; the thing that makes things easier on both parties.
Discussions tackled two main issues:
- First: ways of restoring and developing the trade activities between the Kingdom of Saudi Arabia and Lebanon to confirm the long –standing relationship between the two countries.
- Second: providing attractive factors and positive features that help the return of Saudi investments to Lebanon.
Furthermore, Minister of Economy stressed on the need for Lebanon to expedite the implementation of economic reforms, to adopt a new economic policy based on stability and successful joint projects in a way that boost the investors’ trust and encourage them to take the initiative. Salam also considered that the main key to attract the investor and tourist as well as to revitalize the Lebanese economy and to enjoy a promising tourist season consists in political and security stability that we hope to reach in Lebanon soon.
To this end, Salam showed the numbers of the trade exchange volume between Kingdom of Saudi Arabia and Lebanon which exceeded 800 million US dollars during last decade, consisting of 434 million dollars as Lebanese imports and 359 million dollars as Lebanese exports to Saudi markets. In addition, Salam affirmed that these numbers may be increased by double as soon as the markets are reopened and economic and trade relations are back to normal; provided that conditions are restored both in Lebanon and Syria, for it affects the trade exchange between Lebanon and Saudi Arabia, being the only land crossing for Lebanon.
At the end, the positive meeting was concluded by the agreement of both parties to opening gradually channels of cooperation and searching for promising common opportunities of added value in the field of economic and trade exchange as well as encouraging the investment environment between the two countries.
