Interview: Lebanese economy minister hails China's Belt and Road initiative

Lebanese Economy Minister Alain Hakim hailed Tuesday the Belt and Road initiative put forward by Chinese President Xi Jinping, calling it "a blessed and very important initiative."

The Belt and Road initiative refers to the Silk Road Economic Belt and the 21st-Century Maritime Silk Road, international trade and infrastructure projects proposed by China in 2013.

Hakim told Xinhua in an interview that the initiative would certainly develop China's economic, social and cultural relations with the countries along the sea belt and the maritime road, which Lebanon is part of.

"The trade amount between Lebanon and China is the highest among all countries in the field of imports," the minister said, noting that "Lebanon imported about 1.6 million tons of merchandise equaling 2.5 billion U.S. dollars."

He noted that "imports from China represent 12 percent of the total imports of Lebanon, which equals the total imports from France and Italy together," adding that "imports from China are a strategic commercial issue for the Lebanese traders."

However, Hakim said "the Lebanese exports to China are weak," adding that "this creates a negative sign in the trade balance and is what we are trying to improve."

Stressing the importance of the Lebanese food sector, particularly its industrial part, the minister expressed Lebanon's interest in exporting "food products, such as cheese, milk, vegetables and fruits." He said "we can, in a second phase, export our wine and animal products to China."

"China could help us in the infrastructure field, as Lebanon is in dire need of rehabilitating its infrastructures, particularly in the fields of electricity, water and the alternative energy," Hakim said.

Meanwhile, he stressed the importance of cooperation between the two countries in the fields of tourism and banking, aiming at making Lebanon a tourism base and a financial platform for China in the region.

Hakim said the sixth conference of Arab-Chinese businessmen and the fourth Lebanese-Chinese economic forum to be held in the Lebanese capital of Beirut at the end of May "are a precious opportunity for businessmen from both countries."

The Arab-Chinese businessmen conference, organized by the Arab League, the Chinese Foreign Ministry and the Lebanese Ministries of Economy and Foreign Affairs, will be held on May 26 with participation of the Arab and Lebanese Chambers of Commerce and the Chinese Foreign Trade Council.

It will also coincide with the 60th anniversary of the first economic agreement between Lebanon and China and the 25th anniversary of the Arab-Chinese chamber of commerce. Endit