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Targeting Lebanese Expatriates - TLE
The Lebanese expatriates encompass human, social, scientific, and cultural capital, as well as a substantial financial capacity. They play a major role in drawing a bright image of their homeland Lebanon abroad, and contribute in the revitalizing the economic cycle.
According to World Bank statistics, migrant remittances represent a large proportion of the gross domestic product, representing the highest proportion among the Arab countries. In fact, these transfers constitute the most important source of foreign exchange in Lebanon, which is about U.S. $ 5.6 billion per year.
In light of these facts, the Investment Development Authority in Lebanon, IDAL, is developing a program to encourage Lebanese investors living abroad to invest in their homeland. Figures predict that the number of the Lebanese Diaspora members is four times the number of Lebanese residents. This number ranges between 13 and 15 million of Lebanese origin and are categorized as follows:
- Expatriates in America and Oceania
- Expatriates in Africa
- Expatriates in Europe
- Expatriates in the Gulf
The project includes three main stages
Phase I:
- Surveying the Investment resources of the Lebanese expatriates in cooperation with the Ministry of Foreign Affairs and Emigrants, in line with updating the information and documentation obtained upon sector of work, functions, and geographical presence. In addition, their concerns regarding investing in Lebanon will also be identified in this phase,
Phase II:
- Preparing integrated proposals in order to introduce the necessary reforms and legislations, and set up attracting incentives and facilitations to alleviate obstacles facing investors in general and Lebanese expatriates investing in Lebanon in particular, in line with the development of programs aiming at getting advantage of the experience and capabilities of the Lebanese scientists and intellectuals who migrated and succeeded abroad.
Phase III:
- Setting up of a media and advertising program which be launching advertising, design, printing, and production campaigns, in addition to distributing of publications and promotional materials and organizating conferences, exhibitions, and workshops in countries where the Lebanese Diaspora have a presence, in order to promote the investment climate in Lebanon. It also includes designing a special website, and inviting Lebanese VIPs overseas to visit Lebanon to introduce to them the new reforms and potential investment opportunities.
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