In an article published in Lebanon Opportunities magazine December issue, Neemat Frem discusses how local and regional factors have majorly stunted the growth of various sectors in Lebanon, including tourism and banking. The article ‘Industry: Lebanon’s Shock Absorber’ highlights how the industrial sector has maintained growth, regardless of the current political and economical turmoil and volatility, supporting Frem’s claim that industry “…can absorb the highest level of turbulence and strife”.
In the article, Frem discusses the current role the Industrial sector currently plays in the local economy, no more than 10% of Lebanon’s Gross Domestic Product (GDP). He mentions how industry/manufacturing, as a shock absorber, should increase in order to better stabilize the turbulent economy.
He sheds light on different measures and programs the government must take in order to bring up industry’s share of local GDP to 25%, as it was 40 years ago:
- Review exiting laws and regulations
- Create industrial zones
- Set forth industrial cost reduction initiatives
- Favor local industry
- Focus on research and development (R & D)
Frem believes “We should promote and achieve a healthy, stable and durable economy.”
Read the full article:
About INDEVCO Group
INDEVCO, an international manufacturing group, produces paper, plastic and corrugated packaging for agricultural, beverage, construction, catering, processed food, dairy, industrial, paramedical and pharmaceutical, chemical and petrochemical, soap and detergent, tissue and hygiene converting, tissue making and promotional markets.
INDEVCO Group affiliates also manufacture personal care, household and institutional disposables for the retail and away-from-home (AFH) markets. INDEVCO Group employs over 8500 people in Cyprus, Egypt, England, Greece, India, Iraq, Jordan, Lebanon, Saudi Arabia, Tunisia, Ukraine, and the United States.