Lebanese and Saudi economy ministers on Thursday agreed to gradually increase economic and trade exchanges, local media reported.
During a meeting in the Saudi port city of Jeddah, the Lebanese Economy and Trade Minister Amin Salam and Saudi Minister of Economy and Planning Faisal bin Fadhil Alibrahim “agreed to open new channels of cooperation.
The duo who met Jeddah ahead of the Arab League summit promised value-added opportunities in the field of economic and trade exchange, and creating a suitable investment environment between the two countries.
Salam said there is an excellent opportunity to revive Lebanese-Saudi relations following the recent positive regional developments.
He also stressed, “the need for Lebanon to expedite the implementation of economic reforms and adopt a new monetary policy based on successful joint projects, which enhances investors’ confidence and encourages them to invest in Lebanon.”
He added that trade between Lebanon and Saudi Arabia exceeded 800 million U.S. dollars in the past decade, and the figure could double once the markets reopen and economic and trade relations return to their previous level.
“An increase in trade between Lebanon and Saudi Arabia requires a stable security situation in Syria, which is the only land crossing for Lebanon,” Salam said.
Lebanon’s relations with Saudi Arabia were strained after a decision by the kingdom on October 29, 2021 to ban all Lebanese imports.
The ban came after former Lebanese Information Minister George Kordahi criticised the Saudi Arabia-led coalition’s involvement in the civil war in Yemen. (Xinhua/NAN)
