Lebanon and Syria push economic reset with Damascus investment conference planned
Lebanon and Syria have agreed on a series of measures to revive economic ties, with a bilateral investment conference planned for the autumn in Damascus. Amer Bisat, Lebanon’s Minister of Economy and Trade, described the restoration of ties between the two countries as a “win-win”. He told The National in an interview that his meeting with the Syrian President Ahmad Al Shara and his counterpart,…
Lebanon and Syria have set their sights on reviving economic ties, with a planned investment conference in Damascus for the autumn. Minister of Economy and Trade Amer Bisat emphasized the benefits of this partnership, describing it as a "win-win" situation. The restoration of ties was discussed in detail during a recent meeting between Lebanon's President and his Syrian counterpart.
The three-pronged approach to reviving economic ties includes boosting private-sector links, reviewing government-to-government agreements, and addressing logistical and technical issues. Lebanon stands to benefit from Syria's post-conflict reconstruction and investment opportunities. However, Lebanon continues to grapple with a 2019 economic crisis, financial losses of $70 billion, an insolvent banking sector, and depleted state finances.
The US-Iran war and global economic downturn have further exacerbated Lebanon's struggles. To overcome these challenges, Lebanon needs significant capital to rebuild its devastated south and relaunch its struggling economy. Israel-Lebanon negotiations aimed at ending hostilities and paving the way for lasting peace have also played a role in Lebanon's push to attract investment.
Written by urgent.news from The National UAE's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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