Shucair highlights the economic dependence on Arab Gulf

The Beirut Gathering chaired by Mohammad Amin Daook held a discussion group with president of the Federation of Chambers of Commerce, Industry and Agriculture in Lebanon Mohammad Shucair in the presence of head of Mar Elias Traders’ Association Adnan Fakhani and a group of economic, political and social figures. Shucair voiced alarm over the decline in various sectors of the economy, particularly trade, tourism and real estate, noting that the resilience of those sectors and steadfastness of citizens are largely due to remittances sent by some 550 thousand Lebanese working in the Arab Gulf countries, remittances which represent 85% of total foreign yearly transfers. Shucair also noted that 53% of Lebanon’s exports are headed towards the Gulf, while 85% of foreign investment and 65% of tourism spending originate from that geographical area. Criticizing the lack of seriousness in tackling pressing economic and social matters, Shucair concluded with a pessimistic view of the future. (Al Diyar, 10 June 2015)