UAE, Lebanon to strengthen economic relations

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Sultan Al Mansoori, UAE Minister of Economy speaking to Nicolas Nahhas, Lebanon’s Minister of Economy. Photo supplied

Sultan Al Mansoori, UAE Minister of Economy, and Nicolas Nahhas, Lebanon’s Minister of Economy, announced they have decided to engage in an integrated action plan that will boost economic relations between the two countries.

Abu Dhabi and Beirut aim to strengthen cooperation in various economic sectors, specifically in the areas of investment, industry, tourism, agriculture and clean energy, trade and services.

The ministers also agreed to enhance cooperation in developing laws and economic legislations and exchange of expertise. The UAE Ministry of Economy is in the process of drafting about 19 laws, including the Companies law, and legislations regarding small and medium enterprises.

Both sides also discussed the UAE’s participation in the UAE-Lebanese Forum to be held in Beirut on 12 May 2012. Leading entrepreneurs and investors from both countries will discuss ways to enhance cooperation and investment opportunities in various economic sectors in both Arab countries.

Al Mansoori expressed the desire of the UAE to consolidate ties with Lebanon, adding that several Emirati entrepreneurs are interested in investing in the various economic sectors of Lebanon. He briefed his Lebanese counterpart about the services provided by the Economic Ministry, specifically the electronic services such as issuing certificates of origin and service registration of commercial agencies and others.

The Lebanese minister also explored the work of the Consumer Protection Department in the Ministry of Economy, and commended the various services and initiatives taken by the body to ensure consumer rights and market stability.

Nahhas was also briefed about the Electronic System For Goods Monitoring. The first of its kind in the world system launched by the Ministry of Economy aims at promoting market stability by evaluating the movement of goods on a daily basis. Linkages between major trading centres and ports, the customs of the UAE and the FAO are monitored via an electronic system that keeps the track of volume and prices of about 200 commodities.

The Lebanese Minister commended the quality of advanced services provided by the UAE Ministry of Economy, and termed it as a role model in the Middle East. He also expressed his desire to transfer the expertise to the Ministry of Economy in Lebanon.

Al Mansoori highlighted the importance of meetings between the two countries to discuss various aspects of trade relations, and to strengthen the frameworks of mutual cooperation thus facilitating enhanced trade.

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