Lebanese Prime Minister Rafiq Al-Hariri's visit to Egypt last week may help boost Egyptian-Lebanese trade relations. Eman Youssef reports Lebanese Prime Minister Rafiq Al-Hariri was at the head of a 27-strong business delegation that visited Cairo last week. The delegation, which also included Lebanese Finance Minister Fouad Al-Sanura and Lebanese Egyptian Businessmen Association Chairman Abdel-Ghani Kabara, was in Egypt looking into the ways and means of enhancing joint trade and investment relations between the two nations. "There is tremendous scope for promoting bilateral trade and investment relations between the two countries," Al-Hariri told members of the Egyptian Lebanese Businessmen Friendship Association (ELBFA), whose chairman of the board is Fathallah Fawzi. In 2003, the total volume of trade between the two countries amounted to $203.5 million -- a 25 per cent increase over the previous year. According to ELBFA Executive Director Amr Fayed, the trade balance is sharply tilted in Egypt's favour, with Egyptian exports to Lebanon clocking in at $175.4 million last year (a 30 per cent increase over 2002), while imports from Lebanon stood at $28.1 million. Egypt exports metals, furniture, agriculture products, chemicals, detergents, rubber and textiles to Lebanon, while its imports from there include plastics, fruits, paper, electric equipment, car spare parts and leather goods. During their three-day visit, the delegation met with their Egyptian counterparts to discuss the latest economic developments in both countries, as well as the agenda of the sixth joint Lebanon-Egypt supreme committee meeting scheduled to be held in Beirut before the end of 2004. "I have high hopes for bilateral trade and investment cooperation," Al-Hariri said after extremely candid discussions with members of the Egyptian Businessmen's Association. The Lebanese delegation also met with members of the Egyptian Federation of Industries. Al-Sanura and Egypt's Industry and Foreign Trade Minister Rashid Mohamed Rashid also signed a trade agreement granting each nation most favoured nation status, thus creating conditions conducive to investment. Investments in Egypt by 182 Lebanese companies currently stand at LE368.8 million. Although Al-Sanura told Al-Ahram Weekly that he was worried about bureaucratic procedures hindering the agreement's implementation, Rashid said that the Egyptian government was prepared to pursue all measures meant to overcome any potential barriers to investment. Al-Hariri pointed out that the volume of trade between the two countries was not proportional to either Egypt or Lebanon's potential, or the good relations binding them. He urged that all obstacles curbing investment and trade between the two countries be eliminated. He also indicated that it was mutually beneficial economic contacts between businessmen that shape political relations and create an atmosphere of trust between states. Al-Hariri called for reviving economic ties between Lebanon and all Arab countries, especially Egypt, as a preliminary step towards establishing a joint Arab market.
