Lebanon Economic Vision

January 2018

On 20 October 2017, the Council of Ministers approved the launch of a study to set a vision for Lebanon’s economy under the title 'Lebanon’s Economic Vision and ways to achieve it'. This vision aims to grow the gross domestic product and create jobs by selecting productive sectors that could become competitive.

Pillars & Objectives

Pillar: Economic reforms

Objectives:

Diversify the Lebanese economy
Develop value-added future-proofed productive sectors
Focus the government resources and efforts on priority areas
Ensure a healthy public sector
Improve collection and rational spending
Control public debt

Pillar: Improve the business environment

Objectives:

Reduce the cost of doing business
Address corruption in the public sector
Improve the overall business environment
Raise Lebanon’s competitiveness levels

Pillar: Agriculture

Objectives:

Improve efficiency and transparency in local markets, including wholesale markets and distributors
Develop a crop transformation strategy
Introduce an alternative programme for tobacco farmers
Develop a comprehensive and integrated view on subsidy programmes
Support the export readiness of Lebanese products
Initiate the development of a cannabis strategy across the whole value chain
Strengthen the scope and scale of agricultural research
Launch a programme to strengthen the capabilities of cooperatives
Strengthen the quality assurance ecosystem including food inspection services
Initiate a comprehensive exercise for agriculture land registration
Facilitate capital investment in agriculture
Develop the agricultural human capital
Ensure water sustainability through improved management and conservation efforts
Improve the agricultural sector's formalization and increase farmers' protection

Pillar: Industry

Objectives:

Set-up a governance structure to ensure strategic oversight and alignment among industrial zones
Strengthen the value proposition of planned zones through specialization and additional services
Accelerate the launching of planned zones in Tripoli, Terbol, Baalbek and Al Qaa
Develop the next-generation construction technology zone, potentially in Al Qaa, targeting Iraq and the Syrian Arab Republic
Plan the second wave of industrial zones in Mount Lebanon, Beirut and the South
Assess the potential for establishing a dry port at an international highway crossing, e.g. near Chtoura
Adopt, enforce and support compliance with industrial quality standards
Strengthen efforts to attract investments with a special focus on domestic and diaspora investments
Activate the article on investments in law number 360
Increase the availability of skilled technical labor by reorienting and strengthening technical and vocational education and training
Selectively pursue new trade agreements such as Agadir Agreement of the World Trade Organization
Improve customs access, including the duration of physical inspections

Pillar: Tourism

Objectives:

Build core tourism offerings and set up eco-tourism hubs
Grow the manufacturing and industrial segment
Position Lebanon as a “convenient” destination for medical tourism
Improve the infrastructure and connectivity
Enhance research and data analysis to drive decision-making

Pillar: Financial services

Objectives:

Strengthen financial services
Diversify the banking sector asset base
Develop a detailed strategy for the banking sector
Enhance cost efficiency through digitization
Set-up a national credit bureau
Position Lebanon as an investment management and offshoring hub
Enhance financial awareness and literacy across all levels
Enhance access to financing for small and medium-sized enterprises in creative industries

Pillar: Knowledge economy

Objectives:

Ensure a continuous pipeline of research and development funding
Reinforce the technology footprint of transfer offices
Unlock the Lebanese University's technology footprint

Pillar: Education

Objectives:

Attract international educational institutes to open branches in Lebanon
Address capacity constraints in selected top universities
Enhance the overall educational system within the country
Revamp the secondary curriculum to incorporate technology
Revamp the tertiary curriculum to incorporate technology
Strengthen the perception of Lebanese graduates' employability in international markets

Pillar: Urban efficiency

Objectives:

Improve the transport system within Beirut and Mount Lebanon
Improve the solid waste management in the Greater Beirut Area
Upgrade the water network in Beirut
Improve the governance of the Greater Beirut Area

Pillar: Trade agreements

Objectives:

Improve the framework of trade agreements and export