U.S.-Arab Chamber hosts highest level delegation from Lebanon in over a decade

The delegation, composed of senior leaders from the American Lebanese Chamber of Commerce (AmCham Lebanon), is in New York and Washington DC this week to meet with the U.S. business community and high-level officials of the U.S. Government.

"Lebanon remains a land of opportunity," noted Salim Zeenni, President of AmCham Lebanon, at a luncheon at the Ritz-Carlton Hotel in Washington, DC. "Lebanon has emerged as a safe haven from the turmoil of the financial crisis that has hit economies around the globe. We are living proof that a free economy can protect itself through clear government economic policies of rules and regulations that have been efficiently enforced since the early 1990s by the Central Bank of Lebanon."

According to the International Monetary Fund (IMF), Lebanon's economy grew 8% in 2008, and it is slated to grow 4% in 2009. In recognition of Lebanon's proven resilience of public finances to shocks, as well as the improvement in that nation's political and economic environments, Moody's upgraded Lebanon's sovereign rankings from "stable" to "positive" in mid-December 2008.

"In a sign of how risk has been turned on its head in these turbulent times," according to The Sunday Times (10/5/08), "only seven countries in the world have made money over the past 12 months . . . . The top performer, according to the index provider MSCI, is Lebanon, where hopes of a political settlement have pushed up the Beirut stock market by an astonishing 51%."

Bilateral developments between Lebanon and the United States are equally encouraging. "The United States has emerged as the top exporter to Lebanon," said David Hamod, President & CEO of the U.S.-Arab Chamber. "With U.S. exports in excess of $1.7bn in 2008, according to the Lebanese Customs Authority, the United States is shattering all previous sales records. This is a new era in Lebanon-U.S. commercial relations, and AmCham Lebanon deserves some of the credit for this achievement."

Also speaking at the event was H.E. Antoine Chedid, Lebanon's Ambassador to the United States, and Hon. Michele Sison, the U.S. Ambassador to Lebanon.

Reflecting the optimism of the visiting delegation, Ambassador Chedid said, "Like the legendary Phoenix, Lebanon has emerged from the ashes and is steadily regaining its former vitality. Lebanon's private sector has played an active role in this process."

According to Ambassador Chedid, some of the most important factors contributing to Lebanon's success include: a well educated and innovative population; a strong banking system that has outperformed all other sectors of the economy in recent years; services as the backbone of Lebanon's economy.

U.S. Ambassador Michele Sison noted that Lebanon has been "prospering amid the global economic downturn." She stressed that U.S. policy "remains very clear and very strong" in support of a "safe and independent Lebanon."

U.S. President Barack Obama recently phoned Lebanese President Michel Suleiman, according to Ambassador Sison, to convey America's steadfast support for "sovereignty, democracy, and independence." In the spirit of free markets and job creation, Ambassador Sison also highlighted the Lebanon Business Linkages initiative, a two-year $4.5m program designed to expand access to markets and finance, particularly for Small and Medium-sized Enterprises.

The global financial crisis seems to be bolstering the Lebanese banking system, which is renowned for its strict regulations that are designed to insulate the economy against political crises. Lebanese banks are coming off their best year ever, with high returns and $120bn in assets.

Lebanese banks are required to hold at least 30% of their assets in cash, and the Government of Lebanon places great emphasis on protecting depositors' money. In recent years, against a backdrop of greater transparency, thirty-three weak banks were taken over by strong banks and no new licenses were issued for commercial banks.

Other members of the AmCham delegation included H.E. Roger Nasnas, President of Lebanon's Economic and Social Council, as well as business leaders representing such sectors as real estate development, foodstuffs, healthcare, consumer items, education, banking, tourism, and a variety of industries. Corporate sponsors for today's event included (in alphabetical order) Boeing, Cisco, Ghafari, Hariri Interests, INDEVCO, and Raytheon.

Concluded Salim Zeenni, President of the AmCham: "Lebanon is, and always has been, the gateway to the Middle East. We are an ideal platform for any company to use as its entry to the region, and we look forward to welcoming U.S. companies that have an interest in Lebanon as their base in the Middle East / North Africa region. Particularly in today's volatile global marketplace, nobody else in the area can match our quality of life and the stability of our economic system."

The National U.S.-Arab Chamber of Commerce, widely regarded as the voice of American business in the Arab world, is in touch with business communities across the United States and serves as the U.S. point of contact for the national chambers of commerce in the 22 Arab nations. On a daily basis, NUSACC works closely with leaders throughout the Arab world, as well as high-level decision makers in the U.S. business community, public policy research centers ("think tanks"), multilateral institutions, nongovernmental organizations (NGOs), media, and the U.S. Government.