Work Together to Improve the Belt and Road Cooperation between China and Lebanon

 

Your Excellency First Vice Governor Raed Charafeddine,

Your Excellency Chairman Adnan Kassar,

Your Excellency Chairman Sheikh Mohamad Al Jarrah Al Sabbah,

Your Excellency Secretary-General Yang Zaiping,

Ladies and Gentlemen, Dear Friends,

 

Good Morning!

First of all, I would like to express my appreciation to the Union of Arab Banks, the Asian Financial Cooperation Association, AFCA, and Fransabank for organizing this Forum.

Today I am very happy to share my opinions on how to improve the Belt and Road Cooperation between China and Lebanon.

At the 8th Ministerial Meeting of the China-Arab States Cooperation Forum, which was held in July in Beijing, the Chinese side and the Arab League signed the Declaration of Action on Sino-Arab Belt and Road Cooperation, which set forth the principles and objectives of the cooperation, the achievements gained in the framework of the Initiative and the focal points and prospect of the cooperation between both sides. The Minister of Economy and Trade of Lebanon, H.E. Mr. Raed Khoury was present at the meeting.

China and Lebanon have a high degree of consensus on working together to build the Belt and Road which has led to some outcomes. Last year, the governments of China and Lebanon signed the Memorandum of Understanding between the two governments on Cooperation within the Framework of the Belt and Road Initiative. A month ago, the initial design of the Lebanese National Higher Conservatory of Music Project was completed. Recently, Lebanon was approved by the Asian Infrastructure Investment Bank as its prospective member. The China Development Bank, Fransabank together with some other Arab banks have set up the China-Arab States Inter-bank Association. The Union of Arab Banks has proceeded with the establishment of the Asian Financial Cooperation Association and become its founding member. Just now, we were so glad to know that Fransabank will soon become an official member of AFCA and witness the signing of their MOU on various cooperation.

Many friends ask me "What's next?" There are many things we can do.

Firstly strengthening the policy and legal foundation of the cooperation between China and Lebanon. At the 8th Ministerial Meeting of the China-Arab States Cooperation Forum, the Chinese side and Arab League signed two Declarations and one Action Plan, which provided a guidance for their joint efforts in building the Belt and Road among China and Arab States including Lebanon.

For Lebanon, the space of cooperation with China is wide.

We could further optimize the legal framework of bilateral economic and commercial cooperation, discuss possibilities of agreements on double taxation avoidance and labor cooperation, upgrade the bilateral investment promotion and protection agreement, in order to provide effective legal protection and guidance for the economic cooperation between both sides, and secure the legitimate rights and interests of Chinese companies and their staffs in Lebanon.

We could uphold the multilateral trading system and support Lebanon to accelerate its WTO accession process. Follow the WTO rules, we could further discuss the current concern of the Lebanese side on increasing its export to China, continue to improve the level of mutual openness and expand the bilateral trade flows.

We could boost the exchanges and consultations on monetary and financial cooperation, encourage the financial institutions from both sides to set up branches in each other's countries and facilitate Chinese companies to explore the Lebanese market and contribute to the Lebanese economy.

We could discuss about mechanisms of cooperation on production capacity and investment, encourage institutions of trade and investment promotion from both sides to set up branches and offices in each other's countries.

Secondly having discussions on specific projects. After the formation of the government, the Chinese side will continue to explore cooperation with the Lebanese side on sectors and projects especially infrastructure and sectors related to people's livelihood in light of the political agenda and economic plan of the Lebanese Government. China has set up a special loan of 15 billion US dollars to support the industrialization of Middle East countries and a concessional loan of 10 billion US dollars. The Lebanese side is welcome to submit applications for such loans through official channels.

Thirdly encouraging the communication between enterprises from both sides. We should set up mechanisms of various approaches such as exhibition and match-making conference for regular visits of entrepreneurs, promoting the opportunities, regulations and preferential policies of investment in order to match each other's demands.

At the first China International Import Expo which just concluded three days ago, over 100 companies and institutions from 17 Arab countries displayed their products, services or projects. Fransabank was the only exhibitor from Lebanon. Fransabank had not only introduced its professional sectors of finance which would serve the Chinese companies in building the Belt and Road,but also presented Lebanese-featured products such as wine. Fransabank was so devoted to promote Lebanese product that some visitors even wondered if it is a financial institution or a wine dealer. I would like to take this opportunity to particularly express my sincere appreciation to Mr. Adnan Kassar and Mr. Adel Kassar for their service to Lebanon and their long-term and unremitting efforts in promoting the economic and commercial cooperation and consolidating the friendship between China and Lebanon.

The cooperation between China and Lebanon of jointly building the Belt and Road is a task that needs the efforts of every one of you, in the spirit of consultation and collaboration for shared interests, to reflect the equality and mutual benefit of cooperation. Lebanon holds the advantages of geographic location, developed banking and finance sector, prominent talent resources, and has strong economic radiation to the neighbor markets. We have reason to believe that the economic and commercial cooperation between China and Lebanon will be fruitful, and Lebanon can become a charming pearl in the Belt and Road of New Era.

Thank you!