Lebanese Caretaker Economy Minister Raoul Nehme has said Lebanon expects more trade with China due to the former's competitive products suitable for the vast Chinese market.
Nehme is confident that Lebanon's agro-food industries can easily gain success in the Chinese market. "We produce high quality food products that can compete with other countries," he said Tuesday in an interview with Xinhua.
Nehme said that to promote trade, his ministry has developed a website to assist Lebanese businessmen on meeting international requirements related to product types, quality and export regulations.
He said that the Chinese version of the website will soon be available to attract attention from Chinese agents who are interested in promoting Lebanese products in China.
Nehme's remarks came at a time when the Lebanese Chinese Business Association planned an initiative to offer Lebanese companies free participation in the 2021 China International Fair for Trade in Services expected in the next month.
The minister said that such event constitutes a great opportunity for Lebanon to promote its products, adding that his ministry, the Chinese embassy in Lebanon and exporters should hold regular meetings to map out more ways to facilitate bilateral trade.
According to data on the website of the Chinese foreign ministry, bilateral trade totaled 980 million U.S. dollars, marking a 42.7-percent drop compared to 2019.
Nehme said the drop in the bilateral trade last year was due to Lebanon's economic crisis which affected the purchasing power of the Lebanese in addition to shipping costs which have increased drastically all over the world following the outbreak of COVID-19.
Lebanon's top imports from China include electrical machinery and equipment, textiles, furniture and vehicles, while Lebanon's exports to China mainly include copper, plastics, olive oil and cocoa.
He also hoped that an expected new government in Lebanon would help pave the way for an agreement with the International Monetary Fund to create huge investment opportunities to improve infrastructure in the country.
"I think that Chinese companies can play a role in the execution and financing of such projects," he said.
Produced by Xinhua Global Service
