MOSCOW
(Sputnik) — Lebanon is hoping to boost its trade with Russia threefold
to some $1.5 billion within two to three years by increasing exports,
Lebanese Minister of Economy and Trade Raed Khoury told Sputnik
on Wednesday. “Now, the trade is around $500 million
on Russia’s side and Lebanon $10 or $20 million. It makes me happy if we
go to eventually in 2-3 years to around $1.5 billion and Lebanon
[exports] go to around $700 million for our products,” Khoury said
on the sidelines of a business summit hosted by the Russian-Lebanese
Business Committee in Moscow. He explained that Beirut would like to boost its exports of agricultural products, such as olive oil and juices. “If we reach this figure and we will try
to work to have this figure in front of us — we’ll be very happy,” the
economy minister added.
Russia’s
embargo on EU imports imposed in 2014 briefly increased trade relations
between the two countries. However, the bilateral trade volumes have
since been dropping, amounting to some $540 million last year, compared
to $800 million in 2014, according to the Russian Federal Customs
Service data. The minister explained the drop by the recent dip in energy prices,
with oil and gas making up much of bilateral trade, as well as the
political turmoil in Lebanon which left the country in paralysis with no
president for two years. The impasse ended in late 2016 with Michel Aoun becoming the new president.
“The reason for [the drop in value of the total
trade turnover] is two things. First, 70 percent of this amount comes
from importation of fuel, gas and oil. The prices went down, as you
know, so the value went down, although the amount has not gone down. So
this is the first reason- because the price of oil went down. The second
reason is because Lebanon’s GDP has not been increasing lately because
of the socio-political events,” Khoury explained.
PICTURES: Amal Azhari kicks off Beirut Fashion Week with Moroccan kaftans
Lebanese designer Amal Azhari opened the Lebanese Fashion Week in the
presence of the Lebanese Prime Minister Saad Hariri. (Supplied)
by english.alarabiya.net — Lebanese designer Amal Azhari opened the Lebanese Fashion Week in the
presence of the Lebanese Prime Minister Saad Hariri, along with
political and social figures, supporting the event, which is considered
as a season of elegance. The designer
presented a collection of Moroccan kaftans and jalabiyas for spring and
summer of 2017, where she was keen to provide a convenient wear for the
occasion of the month of Ramadan. The collection also included designs
of transparent caftans that are suitable for beach wear. The
rich ornament was prevalent in the show aligned with the oriental
touches which was dominant in different designs. But these decorations
did not prevent the presence of many of the simple looks that fit with
our modern lifestyle.
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