Mr. Khalaf Al Habtoor was invited by the "Investment Development Authority of Lebanon" to speak at conference held in the Lebanese capital Beirut under the auspices of His Excellency The Labanese Prime Minister Mr. Rafiq Al Hariri. Following is his speech:

   The management of the “Investment Development Authority of Lebanon” (IDAL) honoured me by their invitation to speak about business opportunities in Lebanon.

     I accepted the invitation heartily, and came to Lebanon especially for the event, as I strongly believe that a man should work for the things he loves to succeed in and achieve the desired effect and results.

    I have done what I believe in and what I said when I started investing in Lebanon when things were still looking gray. I did that when others hesitated and when others regarded me as an adventurer.

    I admit, once more, that I placed my stakes on Lebanon. The feasibility studies conducted by the specialized department in Al Habtour Group – inspired and pressurized sometimes by me – merged my endless love for this country with solid figures that have no space for sentiments.

    That mixture might be the new formula that defies the firm rules of the world of investment.

    Regardless of my overwhelming sentiments, which carried me away, I say and reaffirm that the investment opportunities in Lebanon are not less significant than the oil, with which some Arab countries were blessed. Lebanon’s potentials are not limited to tourism only, but cover other wider fields.

    Regardless of the relentless efforts of the Lebanese State and its relative authorities, especially the Investment Development Authority of Lebanon, I would like to point out, as an actual partner in the growth of Lebanon’s economy, that we still have ahead of us more important, more difficult and delicate stages to keep the pace with global economy. However, we possess all the necessary pre-requisites to go ahead of all existing international economical blocs.

    Arab countries have two thirds of the world’s oil reserves, in addition to enormous untapped finances and incomparable natural resources.

    Despite all that wealth, the Arab World is still over-burdened with endless crises and deficiencies, suffering from huge social pressures, resulting mainly from bad planning, the absence of proper thinking and programs that keep abreast with the unceasing development of world economy.

    And, to avoid falling into the trap of pessimism, I hasten to say that we must name things by their real names, without being courteous.

    Away from the economic ideology developing in the UAE, parts of the Gulf and partially in Lebanon, nothing in the Arab world indicates that there is any awareness of what’s happening in the world on the economic front. Arab Economy Leaders must take immediate steps, as a minimum action, without any talk about 5 or 10 year plans:

    It is important to say that those steps are not enough, but are necessary to try to catch up with advanced economies. They include, but are not limited to:

• Recover all Arab funds from abroad, and create the proper environment for investing funds that are idle in banks.

• Provide complete protection for Arab investments against all adverse possibilities.

• Give utmost attention to providing Arab investors with all means of social and economic security and guarantees that eliminate their worries about their investments.

• Economic and financial laws must be stable, and thorough reforms should be done to Arab economic system.

• Keep pace with giant economic blocs such as the EC by providing official protection of Arab private sector.

• Enhance Arab economic exchanges and eliminate all red tape, and push towards an Arab economic integrity that leads to unity.

    Lebanon has achieved a good level of economic success, but it needs to do more and to take further steps in order to play its proper role. Those steps include, without limitation:

• Exempt investment projects from added value taxes.

• Allocate funds for tourist promotion, facilitate entry visa and solve the problems of traffic and electricity.

• Facilitate importation procedures and administrative routine for entrepreneurs and create a modern custom system.

• Participate in some investment projects, and create incentives for Arab capital.

    The Lebanese Government, and any government for that matter, should make investors who chose their country feel that they are real partners. The government must distribute its works and activities on equal and fair basis between Lebanese and Arab investors.

    While we mention a few negative points, does not mean that we discard the many positive achievements of the Lebanese Administration and its Establishments, the achievements that attracted many investments, but that must continue to develop with the progress of time.

Khalaf Ahmed Al Habtoor