São Paulo – Free trade zones, need for technology transfer, freedom to hold revenues from exports in the foreign currency, legal and banking safety, qualified labour. These were some of the topics addressed on the first day of the “Investment Encouragement and Export Enhancement Seminar” held yesterday (27th) in Beirut, Lebanon, dealing with how Arab countries may attract foreign capital.
The event was attended by representatives of chambers of commerce from Europe, Australia and Brazil, including the secretary general of the Arab Brazilian Chamber of Commerce, Michel Alaby, and government officials from Arab countries.
“At the event’s opening, Dr. Adnan explained that the growth of foreign investment and exports from Arab countries to the world represents greater economic development, with job creation perspectives,” Alaby told Adnan Kassar, president of the General Union of Arab Chambers of Commerce, Industry and Agriculture.
According to the secretary general, another point addressed at the opening of the event was the free trade area that was established by 15 Arab countries in 2005 (Egypt, Lebanon, Syria, Jordan, Palestine, Algeria, Morocco, Tunisia, Saudi Arabia, the United Arab Emirates, Libya, Oman, Watar, Bahrain and Kuwait) and should be fully operational within five to ten years.
“Thus, a greater market is created for foreign companies to establish themselves in the Arab countries. Besides, some Arab countries in North Africa have free trade agreements with the European Union,” he said.
Nabil Itani, president and CEO of the Investment Development Authority of Lebanon (Idal), discussed, among other matters, features of his country that are attractive to investment, such as tax exemption for imports of machinery and raw materials, and income tax exemption in the first four years following a company’s establishment in the country.
According to Alaby, participants also underscored the advantages of Arab free zones. “They all mentioned its geographic location, next to ports, its incentives, and the industrialization policies of Arab countries,” he stated.
*Translated by Gabriel Pomerancblum
