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Strengthening the Diaspora role in growing the Lebanese Economy

Mr. Nabil Itani
Chairman of Investment Development Authority of Lebanon (IDAL)

Letter to the Lebanese Expatriates on Their Investment in Lebanon Constantly looking forward to promoting the economic and financial development of our Lebanon, IDAL is seizing this unique opportunity in the Planet Lebanon 2010 event, under the name Lebanese-Arab Expatriates Networking Conference, to shed light on the many promising sectors available for you, as Lebanese expatriates, to invest in and thus embark on profitable ventures in your country of origin. Lebanon ranks first among the countries of the MENA region with respect to expatriates’ remittances. It is an established fact that your remittances play a major role in preserving the economic and social security in your homeland by contributing to 25% of the GDP. Only 10% of these huge amounts, however, are being invested. It is time to take a step forward and participate in Lebanon’s growth. It is time to earmark a substantial amount of these remittances for investment in advantageous projects. With the numerous incentives it offers and the exceptional facilities it provides, IDAL undertakes to create an appropriate investment environment that will pave the way for the development of the national economy. We are determined to provide constant support during the establishment of your project to help you reap success in your motherland, following the steps of other expatriates whose investments became nationally acclaimed projects, such as Jiyeh Resorts, Le Grey and Royal Hotels and Resorts. Your great desire to remain in contact with your homeland was reflected last summer in the huge number of emigrants’ visits to Lebanon. In this scope, IDAL intends to exert all efforts necessary to meet the business requirements you are seeking in order to visit your motherland more often as investors instead of tourists. From public services, to food production, furniture, jewelry, beauty products, paper and packaging, health and education and tourism, Lebanon encompasses several booming sectors in which you can set foot and invest. Moreover, it puts at your service and for your benefit its strategic geographical location close to European and Arab markets, as well as its highly-skilled human capital that proved its competence in a variety of fields. In this event held under the high Patronage of His Excellency General Michel Sleiman, President of the Republic, IDAL is bringing together business innovators with potential investors, in hopes that this will play a major role in improving Lebanon’s competitiveness as the ultimate investment destination. In fact, when innovation meets with investment, prosperity is unquestionably to take place!

Georges Zard Abou Jaoudé
Chairman and General Manager of Lebanese Canadian Bank

My fellow countrymen, It has been a lengthy and much awaited celebration for Lebanon to experience such an influx of its descendents visiting their mother land. Welcome back to the land of never ending affection and hospitality and may your stay be filled with joy and inspiration. The year 2009 was a milestone for those who wish Lebanon to prosper, to embrace its cherished expatriates and to witness the solidarity of its nationals. Yet this is only the beginning. Your absence remains missed but your vast success crossed the oceans and prove that Lebanese entrepreneurship has no boundaries. Over the course of time, your emigration has yielded wealth and prosperity to both your country of residence and to your home country LEBANON. Proud of your endeavors, the Lebanese Banking Sector has strived to offer globally competitive financial services in a unique Middle Eastern customer service cachet. It is important to note that Lebanon’s banking sector, renowned for its resilience against crisis, remained for over 30 years, a major pillar of the state economy and realized a steady and impressive growth in deposits, income and equity under a shield of tight regulations. More importantly, the latest international crisis that affected the whole financial world, left no impacts on the lebanese economy, adversely the latter progressed at unprecedented level registering an impressive economic growth close to 9% for the year 2009. Mirroring this trust, expatriate remittances now account for a fifth of Lebanon's economy, while economists state that, regardless of the global slowdown, a balance-of-payments surplus in the first quarter 2010 proves that its Diaspora is still sowing a Lebanese capital inflow. On the occasion of your presence in Lebanon, I welcome you all to visit and explore the various opportunities that your motherland has to offer in many of its sectors and invite you to prove your ever lasting commitment to the land of our ancestors and build the future for the generations to come.