HOME AND AWAY
TBY talks to HE Gebran Bassil, Minister of Foreign Affairs and Emigrants, on the vitality of Lebanon's diaspora and the growing role Lebanon is taking on the regional stage.
BIOGRAPHY
HE Gebran Bassil was educated at Saint-Coeurs college and at the American University of Beirut where he studied civil engineering (BE and MS). He began his political career as an activist in the Free Patriotic Movement before heading the political relations committee of the FPM. His official tenure of an executive office started in 2008 as Minister of Telecommunications, where he served for one year. He then led the Ministry of Energy and Water between 2009 and 2014. Bassil was appointed Minister of Foreign Affairs and Emigrants of the Republic of Lebanon on February 15, 2014.How is the country coping with both regional instability and its own domestic challenges?
It is like we have been vaccinated. We adapt with strength to all the challenges we face and prove our resilience as a nation. We have faced obscure moments in previous years with terrorist attacks, threats to our stability, and gargantuan challenges that we surfed with determination; yet, we remain the safest country in the region. Our reality has also been altered by the large refugee influx. We currently host nearly 2 million refugees, a number that not even Europe, 500 times bigger than Lebanon, could cope with but that we still accommodate with no major problems to date. We know that these are not signals of good health, and this reality is distant to the one we want to live, but they show how strong we are as a nation. In Lebanon, life always goes on; we keep walking. Right now in the height of summer, there are people heading to the streets. We have festivals, artists coming from all over the world, and enthusiasm is in the air. This is the Lebanese spirit: we celebrate life regardless of the circumstances.
You have been an advocate of economic diplomacy to attract the millions of Lebanese living abroad. What outcome do you expect from this strategy?
We have around 40 million Lebanese expatriates residing in 167 countries around the world. We have presence in every single corner of the globe, and this represents a golden opportunity for us. What we are trying to do is to reconnect these expatriates through cultural exchanges, monetary interests, and the Lebanese traditions so they can have a positive impact on the economy. This concept has been going on for years; however, we are now materializing it into a state policy. After all, the flows of capital coming from the diaspora have maintained Lebanon's economic standing during adverse times. We receive around USD8 billion annually from the diaspora; therefore, we are trying to build bridges to bumper their contributions to the homeland.
How would you assess Lebanon's role in the Arab world today?
Lebanon is at the heart of the Arab world, and we have always participated actively in regional integration projects. We had the first democracy in the region, and we are a cherished nation among our Arab brothers. Moreover, we have always stayed away from regional tensions and have expressed that it is in our interest to serve as a communication channel to find peaceful and long-term solutions to regional disputes. We want to build bridges that go beyond religious or political differences. We also have large communities of expatriates in the Arab world who are active in building networks and tightening bilateral relations with those countries. We will continue working in this line, and the recent appointment of the new Secretary General to the Arab League has injected fresh blood into a regional bloc that could be doing so much more for the integration of our nations.
What do you envision for the near future of Lebanon?
We want to build up relations based on values rather than interests. We want to preserve our country's stability by preserving our values. History has shown us that the prevalence of power makes us lose, that we need to build up on a chain of values to maintain solid foreign relations and a good domestic situation. We want Lebanon's message of coexistence and tolerance to prevail and to echo all across the region to bring peace to the Middle East. We are a small player in this chessboard, but we can be a significant one if we put our values beforehand and form bridges between regions, between our Arab neighbors and us, and between the Arab world and Europe.
HOME AND AWAY
TABLE OF CONTENTS
Focus: Lebanese-French Relations
Let’s be Franc
Lebanon shares a close relationship with its former colonizer, both in terms of economic relations and cultural identity among Lebanese. In spite of hardships like the presidential power vacuum and Syrian war next door, the bond is only getting stronger.
read articleFocus: Tripoli Economic Free Zone
The Tripoli Transformation
The Tripoli Special Economic Zone (TSEZ) is one of most ambitious projects in Lebanon at the moment. With an initial cost of USD27 million, it is meant to provide an alternative to the heavily centralized economic activity in Beirut, a new gateway for investments and trade to settle in northern Lebanon, and will transform the image of a long-neglected region.
read articleInterview
Dr. Freddie Baz, Vice Chairman & Group Strategy Director, Bank Audi
TBY talks to Dr. Freddie Baz, Vice Chairman & Group Strategy Director of Bank Audi, on the bank's increase in profits, dealing with currency devaluation, and working to turn the economy into an export-driven one.
read articleReview: Insurance
Life is a Rollercoaster
Unlike many emerging markets, Lebanon enjoys a relatively high insurance penetration rate and strong life segment, buoyed by compulsory lines and bancassurance. Competition remains fierce, however, and reform aimed at encouraging consolidation looks far off.
read articleInterview
Max R. Zaccar, Chairman of Commercial Insurance & President of the Association, Insurance Companies
TBY talks to Max R. Zaccar, Chairman of Commercial Insurance & President of the Association of Insurance Companies, on the resilience of the sector, increasing the already-high penetration rates in the country, and remaining one of the strongest insurance companies in the region.
read articleInterview
HE Arthur Nazarian, Minister, Energy and Water Resources
TBY talks to HE Arthur Nazarian, Minister of Energy and Water Resources, on the potential offshoots from oil and gas explorations, the country's National Energy Efficiency Action Plan, and attempts to increase renewable energy consumption.
read articleInterview
Wissam Zahabi, Chairman, Board of the Lebanese Petroleum Administration (LPA),
TBY talks to Wissam Zahabi, Chairman of the Board of the Lebanese Petroleum Administration (LPA), on making the investment climate attractive for foreign companies and becoming self-sufficient in energy.
read articleFocus: Sovereign Wealth Funds
Gas Pipe Dreams
Despite excitement over exploration of Lebanon's hydrocarbons, the creation of a sovereign wealth fund, which was included in legislation, has yet to take place. The country faces several obstacles in its path to creating and properly managing a fund.
read articleInterview
Pierre El Khoury, General Director, Lebanese Center for Energy Conservation (LCEC)
TBY talks to Pierre El Khoury, General Director of the Lebanese Center for Energy Conservation (LCEC), on the development of energy efficiency in Lebanon, awareness of energy conservation, and the country's 2020 renewable energy goals.
read articleInterview
Dr. Fady Gemayel, President, Association of Lebanese Industrialists (ALI)
TBY talks to Dr. Fady Gemayel, President of the Association of Lebanese Industrialists (ALI), on the group's work to promote industrialists, new developments in terms of industrial cities, and the future of industry in the country.
read articleFocus: Industrial Cities
Industrial Solution
Domestic and regional events have stifled Lebanon in building a strong national industry to protect and sustain its economy. Four proposed industrial zones throughout the country may provide it with the economic backbone it so desperately needs.
read articleInterview
Marianne Hoayek, Director of the Executive Office, Banque du Liban
TBY talks to Marianne Hoayek, Director of the Executive Office of Banque du Liban, on the roots of the Circular 331 concept, bridging funding gaps throughout the startup lifecycle, and the country's growing knowledge economy.
read articleRoundtable
Thinking It Through
On June 12, TBY and the American-Lebanese Chamber of Commerce (AmCham) organized a roundtable titled “Startup ecosystem sustainability: fostering cooperation to drive entrepreneurship." The participants discussed the impact of Circular 331, an initiative by Bank du Liban, the Lebanese central bank, to inject a potential of USD400 million into the local enterprise market and guarantee 75% of banks' investments in startups and startup support.
read articleFocus: Infrastructure for the startup ecosystem
The New Star
Startups are ubiquitous in Lebanon despite the difficulty of starting a business and the lack of services available to new businesses. However, a number of actors, both public and private, are innovating the environment and allowing startups to fulfill a greater role in the country's economy.
read articleFocus: Maritime Exports Bridge
Bridging The Gap
The conflict in Syria has wrought serious damage on the Lebanese economy, effectively closing off the country's trade routes through Syria. However, a new program geared at balancing the price disparities between land and sea transit is poised to help Lebanese industries.
read articleFocus: Real Estate
A Stimulus For The Rest Of Us
The real estate market in Lebanon is nothing like it used to be. The sector has slowed considerably, and demand has shifted from the traditional center, Beirut. However, stimulus packages from the central bank over the years have proven beneficial for all parties involved.
read articleInterview
Armand Pahrés, President, Lebanese Pharmaceutical Importers Association (LPIA)
TBY talks to Armand Pahrés, President of the Lebanese Pharmaceutical Importers Association (LPIA), on the development of legislation in the sector, boosting further innovation, and opportunities for Lebanon to become more self-sufficient in pharmaceuticals.
read articleFocus: Incentives for pharmaceuticals in Lebanon
Pharma Land
Lebanon has always been the region's leader in all things health related. Its pharmaceutical industry is no exception, and the country's incentives for international pharma companies to operate, manufacture, and distribute in Lebanon are only getting stronger.
read articleInterview
HE Elias Bou Saab, Minister, Education and Higher Education
TBY talks to HE Elias Bou Saab, Minister of Education and Higher Education, on the ministry's initiatives to improve the education system, ensuring access to education for Syrian refugee children, and reversing the brain drain in the country.
read articleInterview
Mohamed Harajli, Provost, American University of Beirut (AUB)
TBY talks to Mohamed Harajli, Provost of the American University of Beirut (AUB), on his upcoming plans for the university, the key role played by the AUB alumni, and fostering an entrepreneurial spirit among students.
read articleFocus: Programs to school Syrian refugee children
High Marks
Proportional to its population, Lebanon has taken in significantly more Syrian refugees than any other country. With the country now facing the problem of placing the tens of thousands of Syrian children in school, international donors and local and foreign organizations are making educational support a priority.
read articleInterview
Joseph G. Jabbra, President, Lebanese American University (LAU)
TBY talks to Joseph G. Jabbra, President of the Lebanese American University (LAU), on embracing technology at the university, the challenges of Lebanon's brain drain, and the importance of having international links with other institutions.
read article