Pakistani products need apt intro in Lebanon: Ambassador

 

Lahore: Ambassador of Pakistan to Lebanon Salman Ather has emphasized the need for a good introducing Pakistani products in Lebanon market to exploit plenty of potential.
He was speaking at a meeting at the Lahore Chamber of Commerce & Industry. 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 is needed to be done to introduce Pakistani products in Lebanon. He said that Lebanon is a consumer based market and a wide range of Pakistani products can be exported there. He said that there is a good scope for 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 will be arranged.
The Ambassador said that the both countries have plenty of potential to enhance cooperation and joint ventures in construction, tourism and many other sectors of economy.
LCCI president Mian Nauman Kabir said that Pakistan and Lebanon have 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 is a cause of concern for the entire region. Lebanon is facing severe economic, financial and social crises at the moment. The Lebanon’s GDP dropped from 55 billion dollars in 2018 to nearly 30 billion dollar in 2021. According to the World Bank data, GDP growth rate of Lebanon stood at negative 21.5 percent in 2020.
Mian Nauman Kabir said that we often hear about Lebanon that there is 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 explosion 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 weak health infrastructure.
The LCCI President said that this scenario seems quite challenging for Pakistani Embassy in Lebanon. He said that the 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 dollars while our imports were around 2.9 million dollars. Even in the first 5 months of the current financial year (July-November 2021), our exports to Lebanon stood at around 4.4 million dollars while our imports from Lebanon stood at 1 million dollars.

He said that Pakistan’s exports to Lebanon mainly comprise of Rice, Pharmaceutical, Cotton, Textile and Plastics etc., while our imports from Lebanon mainly consist of iron and steel.
The LCCI President said that there is a 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 is a need for identifying potential products that Pakistan can export to Lebanon. He requested the Ambassador to keep sharing the market intelligence reports on regular basis.