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Efforts to develop trade exchange between Russia and Lebanon in light of new opportunities

18-11-2014

The Investment Development Authority of Lebanon (IDAL) organized last week a workshop entitled “exporting to Russia”.  The event was held at the Adnan Kassar building and was attended by the Honorary President of the Federation of Arab Chambers, Adnan Kassar, the Minister of Economy and Trade, Alain Hakim, the Minister of Industry, Dr. Hussein Hajj Hassan, IDAL’s president Nabil Itani, and the Russian Ambassador to Lebanon, Alexander Zasypkin, in addition to a number of presidents of Lebanese chambers and economic institutions and exporters, farmers as well as representatives of maritime transport.
Kassar opened the workshop with a keynote address during which he noted that the size of trade exchange between Lebanon and Russia is not commensurate with the existing capacities of the two parties and especially since Lebanon’s exports to Russia are modest and did not exceed some USD 12,000 in 2013 compared to some USD 918,000 for Russian imports.  Itani noted that Russia is a very important market for the agriculture and food sector particularly since Russia imports more that 50% of its local consumption of food and beverages.  Minister Hakim noted in his speech that the initiative to export to Russia came about as a result of close cooperation between the relevant Ministries and economic institutions according to a roadmap which involves defining needed products, Lebanese companies that produce them and Lebanese companies that export to Russia and the most appropriate means of transport.  Accordingly, suggestions will be made to develop existing trade agreements and to stimulate the work of the joint Lebanese-Russian business committee.
Source: Al-Mustaqbal, Al-Nahar, Al-Akhbar, 15 October 2014

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