News

Lebanon keen to improve trade ties with Malaysia

By Mohd Nasir Yusoff

KUALA LUMPUR, Oct 16-- Lebanon is keen to strengthen bilateral trade and investment with Malaysia, especially in its priority sectors, namely energy, water and wastewater, solid waste, infrastructure, telecommunications, and agro-industry.

Malaysia External Trade Development Corporation (MATRADE) Trade Commissioner in Jeddah Yusram Yusup encouraged Malaysian companies to explore Lebanon’s market and establish business ties with companies here.

“Bilateral trade and investment between Malaysia and Lebanon can be enhanced through joint ventures and cooperation and there is much to be done to increase and deepen trade relations between both countries,” he said in a statement issued from Beirut to Bernama here today.

Lebanon has a market-oriented economy, a secure business environment, highly-skilled workforce, and provides important access to the Middle Eastern and European markets, Yusram said, adding that these factors provide an ideal business environment for Malaysian investors.

“We need to encourage more trade and investment collaboration among the business communities in both countries which provide opportunities for Malaysian companies in related sectors," he added.

Yusram, on Tuesday, met with Lebanon Chamber of Commerce Industry and Agriculture Director-General Rabih Sabra and its committee members.

Trade value between the two countries last year reached US$81.0 million, with Malaysia’s exports amounting to US$75.2 million while imports were in Malaysia’s favour at US$5.8 million.

For the January-August 2019 period, total trade was US$45.6 million with Malaysia’s exports higher than imports at US$43.6 million and US$2.1 million, respectively.

Malaysia’s major export items to Lebanon in 2018 were rubber products, palm oil-based agriculture products, wood products, processed food and other agriculture products.

On the other hand, Malaysia’s major import items from Lebanon were manufacturers of metal, processed food, textiles, and apparel and footwear.

-- BERNAMA

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