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Business Profile
Economy: The 15-year civil war from 1976 to 1991 all but completely destroyed the economy; Beirut’s position as a major financial and commercial centre for the Middle East was lost. Since then, both Lebanon and its capital have gone a long way to re-establishing themselves. Agriculture sustained the population during the civil war (and previously accounted for nearly a quarter of GDP), with citrus fruit, olives and cereals as the main products. Light industries include textiles, processed foods and industrial machinery. There are no significant mineral resources, but the manufacturing industry is growing rapidly. In the all-important service sector, the two main components, banking and transit trade (both of which were almost wiped out during the civil war) have recovered reasonably well.
Essential reconstruction, financed by expatriate capital, international aid and foreign investment, began with infrastructure projects. A variety of programmes were consolidated in the ‘Horizon 2000’ under which, beginning in 1993, the Government committed to spending an estimated US$20 billion on reconstruction. However, by the late 1990s, the Government’s failure to control the budget deficit and external debt was causing serious difficulties. Moreover, Lebanon is critically affected by political developments in the region. At the end of 2000, the Government introduced a major reform programme based on privatisation and promotion of foreign investment. This appears to be paying dividends and, in 2002, it was supplemented by a major bilateral trade deal with the EU.
Besides the EU, Saudi Arabia, Syria, the United Arab Emirates and Kuwait are Lebanon’s principal trading partners.
Business: Businesspeople usually wear a jacket and tie. English is spoken by many local businesspeople and normal courtesies are observed. Appointments and business cards are used. Office hours: Mon-Fri 0800-1330 and 1500-1800. Government office hours: Mon-Thurs 0800-1400, Fri 0800-1100, Sat 0800-1300.
Commercial Information: The following organisations can offer advice: Beirut Chamber of Commerce and Industry, PO Box 11-1801, Rue Sanayeh, Sanayeh, Beirut (tel: (1) 353 390 or 744 160; fax: (1) 353 395; e-mail: info@ccib.org.lb; website: www.ccib.org.lb); or Ministry of Economy and Trade, Artois Street, Hamra, Beirut (tel: (1) 340 504/5; fax: (1) 354 640; website: www.economy.gov.lb); or Euro Info Correspondence Centre (EICC), PO Box 11-1801, 1 Rue Justinien, Sanayeh, Beirut (tel: (1) 744 163; fax: (1) 341 039; e-mail: anasr@euroinfocentre.net; website: www.euroinfocentre.net).
Conferences/Conventions: Beirut is an increasingly popular business destination and a number of companies offer extensive conference and exhibition facilities. For further details, contact the Ministry of Tourism (see Contact Addresses section).
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