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RDCL: Lack of economic vision detrimental to business

20-4-2017

The president of the Association of Lebanese Businessmen and Women (RDCL), Fouad Zmokhol, said that Lebanon’s lack of a clear-cut economic vision, reform plan or urgent development strategy dissuades local and international businessmen and entrepreneurs wishing to invest in the country. Zmokhol, who was speaking during the periodic meeting of RDCL’s board of directors, denounced the government’s latest move to increase direct and indirect taxes as per the new state budget, warning this could have negative impact on the outlook of Lebanese businesspeople and emigrants towards their homeland. The current ambiguity could very well force them to invest in neighboring states that offer generous incentives for foreign investors, RDCL head stated. The said budget, he added, has disregarded the effective partnership between the private and public sectors amidst a lingering deficiency in the infrastructure of the basic water and electric resources. Zmokhol criticized the extension of the Parliament’s term, saying such waste of time flagrantly infringes on the Lebanese Constitution, the constitutional commitments and the laws in effect, as well as encroaches eon the country’s credibility in the world. (Al Diyar, April 20, 2017)

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