D I P L O M AT I C A| TRADE WINDS
Lebanon: Where trade opportunities abound
By Fadi Ziadeh
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Beqaa Valley is at the centre of the Lebanese wine industry, which dates back 5,000 years to ancient Phoenician times.
tween Lebanon and Canada have always been solid, however a closer look at the trade balance reveals much room for improvement. Lebanon’s exports to Canada total US $21 million, mainly in agri-food products such as wine and processed foods. Lebanon imports US $110 million in goods from Canada — mainly vehicles and pharmaceutical products. Lebanese wine looks promising in the Canadian market. My country has fertile soil, excellence in production, expertise developed over centuries and a distinguished reputation earned at international wine-tasting events. Moreover, Lebanese cuisine is popular worldwide for its richness, taste and diversity. It has been made accessible through the Lebanese processed food industry, which is known for fine quality. Lebanon is also interested in co-operating with Canada to attract investments in the many sectors in which Canada shows expertise and know-how, including
renewable energy, infrastructure projects, gas drilling, waste management and information and communications technology. It’s also worth mentioning that Lebanon is the first Arab country to endorse the legalization of marijuana for medical use, which creates new research and trade opportunities that could be beneficial to both countries. Away from trade and economy, Lebanon remains an exotic destination for tourists wishing to explore its ancient historical gems, hike its breathtaking trails, take part in spiritual journeys or party in Beirut, ranked third in the world as a nightlife city, and taste the best street and high-end Lebanese food. Lebanon is a small, multilingual haven of culture and diversity that is worth the journey. Fadi Ziadeh is the ambassador of Lebanon in Canada. Reach him by phone at (613) 236-5825 or at ambassador @lebanonembassy.ca. FALL 2020 | OCT-NOV-DEC
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ebanon is strategically located at the intersection of Europe, Asia and Africa on the eastern shore of the Mediterranean Sea and is characterized by a free market economy with the most liberal investment climate in the Middle East region. Despite its challenging regional environment and the recent economic stress, the government recently announced a new economic plan aimed at working on multiple reforms in different areas. These plans will set the stage for Lebanon to embark on a bold infrastructure rehabilitation program that will unlock investment opportunities in multiple sectors, including, for example, cloud data centres, airport expansion and expressways. Moreover, several new industrial zones are being developed in Lebanon, increasing competitiveness in the industrial sector and attracting foreign investors and companies wanting to help rebuild neighbouring countries. In addition, the government has introduced a series of incentives, including tax exemptions for offshore companies looking to use Lebanon as an export hub in the Middle East. Lebanon’s principal sectors are agrifood, agriculture, tourism, ICT and services, including those in the financial and medical fields. The World Economic Forum’s Global Competitiveness Report ranked Lebanon 10th among 141 countries surveyed for “ease of finding skilled employees.” When it comes to digital skills among the working population, the country ranks 23rd worldwide. These statistics open the door to foreign companies searching to outsource some of their services at a lower cost, without affecting quality. Trade and investment relations be-
