In the world of economics, when we say "expatriates," the first thing that comes to mind is "dollars."
In terms of numbers, expatriates transferred more than $6.4 billion to Lebanon in 2022 (according to World Bank figures). That's more than 30% of our economy's size.
Most expatriates' money is being spent on consumption. Still, we can benefit from it even more if we manage to attract a portion of it for investments.
Simply put, new projects create job opportunities, develop the economy, and bring in more dollars through exports.
On the other hand, expatriates can take advantage of currency depreciation to start their own projects and invest. According to the Investment Development Authority of Lebanon (IDAL), there were investments worth $300 million in industrial, agricultural, and tourism sectors in the past year, most of which came from expatriates.
However, Lebanon still has a long way to go, especially compared to neighboring countries that have advanced much further, thanks to their own resources and development. Will these resources be able to help Lebanon become part of this wave?
Investment opportunities in Lebanon were discussed at the third Diaspora Economy Conference, with the participation of around 300 participants from more than 30 countries.
The key is to maintain communication between resident and expatriate Lebanese and, most importantly, to embark on reforms to restore investment confidence.