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"Our expansion and continued growth in the Levant is a testament to our firm commitment to the region. Lebanon is the ideal strategic location to set up the office for the region as a result of its access to a large regional market, free-market investment policies, and a liberal economic environment,"
commented Louis Hakim, Vice President of Royal Philips Electronics and CEO of Philips Middle East.
The Levant has experienced its share of change in the past few years and has been enjoying a solid ambitious development. Within the Levant, Lebanon is currently witnessingsustained period of economic growth. According to the report released by the World Bank early this year; Lebanon's GDP is expected to grow by 7% in 2010 which is considered significant, and listed as the second highest growth rate regionally.
Philips' businesses cover Healthcare, Lighting and Consumer Lifestyle. The company focuses on improving people's lives through timely innovations. As a world leader in healthcare, lifestyle and lighting, Philips integrates technologies and design into people-centric solutions, based on fundamental customer insights and the brand promise of 'sense and simplicity'.
Philips will exploit partnerships with different stakeholders, government authorities and NGOs throughout the Levant to address challenges such as energy efficiency and the rapid growth of the healthcare industry.
"Philips is currently active in partnering with credible and established parties in the region to develop different initiatives related to innovation, health and well-being. This could also come in the form of facilitating financing through our relationships with banks, tapping export credit agencies or development of sector specific funds," added Hakim.
Posted by Rana Mesbah
