Amending Investment Law to Boost FDI
A set of amendments to the 10-year old Investment Law No. 360 have been submitted by a ministerial committee submitted to the Cabinet, with the aim to meet the current needs of the Lebanese economy and increase FDI in the country, as reported by lebanon This Week, Byblos Bank newsletter.
The amendments stipulate a set of criteria that projects must meet in order to benefit from investment incentives and exemptions provided by the Investment Development Authority of Lebanon.
The criteria include the size of the investment, the sector and sub-sector of the project, the project's location, the impact of the project on the environment and on natural resources, and the project's economic and social impact in terms of number of jobs created.
The targeted sectors include agriculture, agro-industry, tourism, manufacturing, general technology, information technology, telecommunications, and the media. It noted that projects that intend to benefit from the incentives and exemptions must have a minimum investment size that depends on the location.
For instance, the minimum size of the investment in plant and animal farms ranges between $0.3m and $0.8m; that for packaging centers and cold storage projects at $0.8m to $1.5m; agro-industrial projects at $1m to $2m; telecom-related projects at between $0.2m and $0.3m; and a minimum of $0.2m for investments in general technology.
In addition, the amendments aim to develop the agricultural and agro-industrial sectors and their exports, support rural development, support three-, four- and five-star hotels across the country, develop sectors that can provide value-added, improve the business environment through upgrading the telecom infrastructure, support software development firms, transform Lebanon into a regional media center, transform Lebanon into a regional provider of quality health care, and support export-oriented sectors.
MORE CLOSER LOOK ARTICLES
- 1 of 24
STRATEGIES & PLANS
A fundraising event, entitled Think Green, will be held by Zero Waste ACT for all its business members on September, 10,2013, at WHITE, Dora.
The Green Mind Association invited all Green Mind Award Participants, finalists, runner ups and winners to the GREEN MIND DAY on Jan-16-2013 in Beirut, to create a platform where interested Venture Capital and Potential Investors met with participants.
A green initiative launched by Ashrafieh 2020 project aims to transform Ashrafieh into a tranquil and unpolluted area.Green spaces allow residents to walk and ride bicycles.