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New government to support industries, Lebanon trade brand at the bottom

20-2-2019

President Michel Aoun, during his meeting on February 18 with new industry minister, Wael Abu Faour, stressed his support to the productive sectors in the country, notably the industry, highlighting the importance of prioritizing local products during any upcoming bids or tenders here. Faour said after the meeting that he briefed the President on the latest 2018 data available at the ministry, which showed that Lebanon exported worth of LBP 2.3 billion against the importation of goods which exceeded LBP 18 billion. This, Faour warned is economcally unsustaibale, cautioning that the domestic industry is being largely undermined. On the other hand, Al Akhbar newspaper said today that Lebanon ranked 95 out of 100 nations in the Brand Finance global report 2018 down one point from 2017. Brand Finance evaluates the most valuable nation brands and the degree of their attractiveness to tourists and investors. Al Akhbar wrote that the market image of Lebanon has been largely distorted, saying that the formation of the new cabinet or some minimal and patchy reforms will not improve it. (Al Akhbar, Al Diyar, An Nahar, February 20, 2019)

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