On February 11th, 2021, Ministry of Economy and Trade organized a webinar in collaboration with the Lebanese embassy in China to introduce Lebanese producers and exporters to the possibility of setting up a Lebanese online Boutique on one of the largest online platforms JD.com.
Moreover, the beginning of 2022 witnessed the signature of an MOU (a memorandum of understanding) with Lebanese Signature – a sound company that saw the potential in the project. The MOU specifies that ‘Lebanese Signature’ will handle the Lebanese Online Boutique, coordinate with all interested local companies to set them on board and ensure the project’s success while providing the financing where needed. Adding that a Chinese third party service provider will handle product listing, market research, sales and expertise providing in depth knowledge.
It is worth noting that Lebanon will be the first country from the Middle East to establish an online boutique on one of the largest online platforms in China. This could positively boost exports of Lebanese products — consumer goods, agri-products, Jewellery, and any other qualified products. Furthermore, the Chinese market is huge, providing numerous opportunities for exports of goods and services that would positively affect the Lebanese balance of trade and payments, especially given the discrepancies between exports to and imports from China. In this context, it is worth noting that percentage of exports to China stayed relatively the same over the past three years, hoping that the new arrangement will improve this ratio along with the overall competitive edge of the economy.
Source: Ministry of Economy and Trade, Customs website, BlomInvest