Hariri hopes to turn Lebanon into regional financial centre

Jun 16, 2010, 12:29 GMT

Beirut - Lebanon's Prime Minister Saad Hariri held out the prospect Wednesday his country could become a regional financial centre - if the government speeds up the development of the capital market and the activation of Beirut Stock Exchange.

Speaking at a conference in Beiruit, the premier promised to upgrade Lebanon's infrastructure, notably in transport and telecommunications.

'Now, we have an opportunity to turn Lebanon into a regional economic and financial centre, we have to work into attracting the capitals flowing to Lebanon and provide preferential financing channels for companies and entrepreneurs,' Hariri said during a speech at the opening of a workshop on 'Capital Markets in Lebanon and Ways to Develop Them.'

Hariri boasted that the Lebanese economy had proved itself largely immune to the global financial crisis.

'The average growth of our economy reached 8 percent for the fourth year in a row. With the emergence of Lebanon as a safe haven amidst the global financial crisis, the banking deposits are now three fold the Gross Domestic Product (GDP),' Hariri told a group of Lebanese and foreign businessmen and bankers.

In March the government said it would go ahead with plans to privatise the electricity and telecoms sector. The privatisations should help Beirut tackle its massive debt, which stands at 148 per cent of gross domestic product (GDP).