BEIRUT: A UN report released Thursday showed that Lebanon witnessed growth in investments and Arab capital inflows by approximately 4 percent to $2.845 billion in 2007.
The World Investment Report 2008 (WIR 2008), which was issued by the Geneva-based UN Conference on Trade and Development, was made public during a news conference at the UN House building in Beirut.
Key speakers at the conference were Ali Berro, director of quality program at the Lebanese Economy and Trade Ministry. Khaled Hussein, first economic affairs officer at the UN Economic and Social Commission for Western Asia.
Berro commented on the impact of the current global economic crisis on Lebanon and the country's position, among other countries in the region, in attracting foreign investment in 2007, according to the facts stated under the WIR 2008.
Berro said it is still very early to determine the impact of the crisis on the Arab region in general and Lebanon in particular. "But it is possible to say the Arab oil-producing countries might be negatively affected more than other countries. As for Lebanon, it will probably be least affected as a result of its small economy and limited stock-exchange activity," he added.
According to the WIR 2008, Berro said "Lebanon maintained its fourth position among the Arab countries in attracting investments in 2007 compared to 2006, after ranking third in 2005, second in 2004 and first in 2003."Hussein, meanwhile, spoke about investment in the Arab region. He said foreign direct investment (FDI) in Arab countries increased 17 percent in 2007 to $72.4 billion.
Saudi Arabia came in first, with FDI reaching $24.3 billion in 2007, up 33 percent from 2006. The United Arab Emirates came in second with $13.3 billion, Egypt third with $11.6 billion and Lebanon fourth with $2.8 billion.
The Daily Star - Lebanon
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