The value of Lebanon’s industrial sector declined some 16 percent between 2011 and 2015 due to the economic slowdown, the Association of Lebanese Industrialists said.
“According to the indicators and figures released by the Finance Ministry, the value of the industrial sector fell to $8.8 billion in 2015 after it was $10.5 billion in 2012. ... The number of industrial plants in 2015 stood at 1,977 after it was 2,365 in 2012. This means that 388 plants closed down,” the president of the association, Fadi Gemayel, told a conference.
The value of industrial investment from 2011 to 2015 reached $2.55 billion.
Gemayel warned that these indicators clearly show the magnitude of the crisis the industrial sector is passing through these days.
Gemayel added that the industrial sector in Lebanon currently employs 77,678 workers.
“All these facts and statistics are at the disposal of the Lebanese authorities. We won’t accept from now any attempt to undermine the industry or give it little or no attention. The development of industry in Lebanon should be among the top priorities of all Lebanese officials,” Gemayel said.
Neemat Frem, the CEO of Indevco industrial company, said there is a need to put more focus on helping the industrialists as this sector creates many jobs in the market.
He added that the industrial sector should represent 20 percent of the total GDP, although it only stands at 10 percent.
Frem added that the Lebanese private sector should create 30,000 jobs a year but it only provides 5,000 jobs.