Lebanon — Business
Statistics
•GDP: US$20.6 billion (2006).
• Main exports: Authentic jewelry, inorganic chemicals, consumer goods, fruit and tobacco.
• Main imports: Petroleum products, cars, medicinal products, clothing, meat and live animals.
• Main trade partners: Syria, United Arab Emirates, Italy, USA and Switzerland.
Economy
Beirut’s position as a major financial and commercial center for the Middle East was lost during the 16-year civil war from 1975 to 1991 that destroyed the economy. Since then, both Lebanon and its capital have re-established themselves.
Agriculture now accounts for about 10% of GDP. There are no significant mineral resources, but the manufacturing industry is growing rapidly. Banking and transit trade (both of which were almost wiped out during the civil war) have recovered reasonably well.
The 2006 conflict between Hezbollah and Israel led to a collapse in the tourist industry and severely affected Lebanon’s economy. In 2006, the economy contracted by 5% and the national debt reached a record level of US$40.4 billion. Grants and loans of nearly US$8 billion pledged at the Paris III conference in early 2007 are expected to go some way towards reversing this. Inflation was at 4% in 2006. A fifth of the population was unemployed.
Business Etiquette
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.
Business Contacts
Chamber of Commerce, Industry and Agriculture of Beirut and Mount Lebanon
PO Box 11-1801, 1 Rue Justinien, Sanayeh, Beirut, Lebanon
Tel: (1) 353 390.
Website: www.ccib.org.lb
Ministry of Economy and Trade
Artois Street, Hamra, Beirut, Lebanon
Tel: (1) 981 941.
Website: www.economy.gov.lb
Euro Info Correspondence Center (EICC)
PO Box 11-1801, 1 Rue Justinien, Sanayeh, Beirut, Lebanon
Tel: (1) 744 163.
Website: www.euroinfocenter.net
Conferences & Conventions
Beirut is an increasingly popular business destination and a number of companies offer extensive conference and exhibition facilities.
Featured Tours to Lebanon
Cedars of Lebanon
Though a small country, Lebanon is large in terms of natural beauty, archeological sites and history. Set on the Mediterranean coast, Lebanon has…
