Lebanon’s prime minister says security is key to country's economic stability

20 November 2011

Prime Minister Najib Mikati also emphasises importance of attracting foreign investment

Maintaining security is a key requirement for achieving economic stability in Lebanon, Prime Minister Najib Mikati told the Lebanon Economic Forum in Beirut on 17 November.

“Any security issue will hold Lebanon back,” said Mikati.

In his address to the forum, the prime minister said that adequate political awareness was required in order to prevent security and stability issues and achieve economic stability.

The prime minister’s message was echoed by Mohamed Nizar Choucair, president of the federation of the Lebanese chambers of commerce and industry.

“Security and stability play a great role in promoting the economy,” said Choucair at the forum. “It doesn’t require expenditure, but requires national consciousness.”

Participants at the forum spoke of the importance of attracting internal and foreign investment in Lebanon to achieve economic growth and reduce its debts.

“Lebanon needs to bring in more investment to help cope with economic and social problems,” said Nabil Itani, chairman and general manager of the Investment Development Authority of Lebanon (IDAL).

Prime Minister Mikati said that the government was aware of the importance of attracting investment into Lebanon.

“The government is working hard to keep international and Arab trust in Lebanon’s economic and banking sector,” said Mikati.

Mikati became Lebanon’s prime minister on 25 January, when 68 out of the 125 members of parliament expressed support for his appointment. Mikati replaced Saad Hariri who was forced out earlier in January when the unity government collapsed. The new prime minister formed his cabinet five months later in June.

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