Lebanon and Kuwait discuss bilateral cooperation and economic relations

On Friday, the economic authorities, led by former Minister Mohammad Choucair, held a meeting at the headquarters of the Beirut and Mount Lebanon Chamber with the Kuwaiti economic delegation to Lebanon, headed by the Assistant Undersecretary of the Kuwaiti Commerce and Industry Ministry, Mohammed Al-Jallal.

During the meeting, discussions focused on developing economic relations and enhancing cooperation between the private sectors of both countries. They also discussed the investment law, incentives, and available opportunities in both countries.

In this context, Choucair expressed hope that the situation in Lebanon would quickly improve and the relations between Lebanon and the Gulf countries would return to their previous state. He thanked, on behalf of himself and the Lebanese private sector, the Gulf countries, including Kuwait, for hosting hundreds of thousands of Lebanese who receive special treatment.

Choucair stated, "despite the difficult circumstances we are going through, we remain optimistic about the future. This optimism is based on several factors, including the support of the neighboring countries to Lebanon, the agreement to demarcate the southern maritime borders, and the launch of oil and gas exploration operations by Total, which is scheduled to begin in September as well as the agreement between Saudi Arabia and Iran. This could lead to a truce in the region, and the agreement between Saudi Arabia and Syria, as the latter returned to the Arab League."

Moreover, he emphasized that the Lebanese private sector has managed to stand firm and make tangible progress despite its suffering during the economic crisis. However, the problem lies in the public sector, which is still greatly affected.

Choucair pointed out that significant investment opportunities emerged during the crisis years, notably in the national industry, which has expanded significantly, especially in the pharmaceutical, food, detergent, and sanitization sectors, among other essential goods. These Lebanese products have gained popularity domestically and internationally due to their high quality. He urged the Kuwaiti private sector to invest in Lebanon in these opportunities, as well as in the gas sector.

"There will be a forthcoming visit to Kuwait, and we are awaiting the results of the drilling operations for gas exploration. The purpose of the visit is to meet with the Kuwaiti private sector, present the outcomes, and invite them to invest in the available opportunities," he revealed.

On his part, Al-Jallal confirmed Kuwait's keenness to assist Lebanon as he praised the historical relations between the two countries and expressed his wish for Lebanon to recover soon. He also commended the capabilities of the Lebanese people and the Lebanese private sector.

Additionally, Al-Jallal affirmed the readiness of the Kuwaiti Commerce and Industry Ministry to cooperate in areas that would support the Lebanese economy. He also confirmed the ministry's willingness to assist the delegation of economic bodies during their visit to Kuwait by arranging the required meetings and ensuring the success of the visit.