The Minister of Industry , Minister Hussein Hajj Hassan, launched a vision for the year 2025. The strategies of this vision include, among other things, encouraging the creation of new subsectors, raising productivity, and narrowing the trade deficit.
This strategy aims at increasing exports up to $5B by 2025 and decreasing imports from $15B to $11B over the same period, enhancing competitiveness, boosting investments, and encouraging new and green industries.
The goal of 2025 vision includes: providing a unified central building for the ministry and new centers for its departments, increasing the number of jobs, raising the industrial sector’s capacity to provide 50-70% of consumption needs.
The ministry intends to expand the local market through organizing factories, encouraging the preference of locally produced goods, supporting small and medium industries, and expanding them nationwide.
Moreover, the Ministry of Industry will enhance industrial exports by boosting cooperation with Lebanese missions abroad, finding new markets, and stimulating industrial tourism.
To develop competitiveness, the ministry will encourage industries with added value such as nanotechnology, alternative energy, and industrial equipment.
The ministry will also participate in research and will support industries that want to be more technologically advanced.
Lebanon’s Trade Deficit by April (In Billions of USD)
Source: Lebanese Customs