Lebanon is a country located in the Middle East, covering an area of 4,036 miles. It is a small country compared to the others in the region, yet it has over six million people.
The capital of Lebanon is Beirut, and it is the largest city. The country takes pride in its terrain, and it has also built its culture on Arab values.
Lebanon is in the middle of Syria, Israel, and the Mediterranean Sea. Additionally, this small country is one of the most beautiful in the world. In fact, it has the perfect location and well-balanced weather, and it’s ideal for tourism and similar enterprises.
Lebanon used to attract tourists from all over the world. However, this situation has changed. As a matter of fact, in recent times, Lebanon has faced a massive financial crisis, which is worsening. In fact, the World Bank says it is the worst the world has seen in years. One of the big problems is the fall of the currency.
As a result, dollars have become more critical to pay for goods, mainly imports. Lebanon also has a shortage of dollars. In light of that, the central bank has imposed a special dollar exchange rate.
The dollar shortage hits the supply of fuel and medicine. With attention to that, the Government is trying to pay back what it owes medical suppliers. The country is basically running short of medications. As a result, hospitals have had to cancel non-urgent surgeries. Thus, the country’s health sector is running on thin ice.
The media portrays the country as unsafe and deadly, but the situation is not as dire as it seems. Compared to other countries in the Middle East, Lebanon is relatively safe. Still, many governments have put out travel advisories against Lebanon. So, it is still wise to proceed with caution while in the country, especially in certain areas like Beirut.
Lebanon has been at war many times throughout the years. It has since settled down, and things are starting to look good for the small country.
The key industries in Lebanon are Real Estate, Banking, Cement, and food processing.
The main exports of the country are pure jewelry, fruits, cement, and tobacco. Overall, these exports are one of the areas that provide income for the country. Yet the imports seem to be more than the exports, which leave the country in a trade deficit.
Tax income is the primary source of wealth for the state. So, low taxation rates on starting up businesses are not likely.
The principal imports are metals, oil, cars, animal and vegetable products. The countries that Lebanon imports from are Greece, China, and Italy.
Reasons to Grow Your Business in Lebanon
Lebanon is an excellent place to grow your business, depending on what you are selling. But sadly, is not one of the most attractive tourist sites because of the media coverage the country has been receiving.
The country is in debt for medical supply, so this can be a good area if you have not decided what business to do. A private sector business taking care of medicine supply is without a doubt needed in Lebanon.
Lebanon’s agricultural industry is almost nonexistent. In fact, it depends on imports to meet the needs of the people. So, it gets the money for imports from its banking and tourism sectors. The interest rates make it impossible for people to receive loans and also to save money in banks.
A business in the area of banking and loans will be an excellent investment in this country. Bonus points if that business also offers lower interest rates and more benefits. Such an enterprise will undeniably allow persons to be able to provide for their families.
Market Research in Lebanon
Are you looking to invest in Lebanon? Information from this article came from Quantitative and Qualitative strategic research. We also offer Strategic Research, and we set up Focus Groups to test new products and ideas. Also, we can conduct Interviews and Surveys for you. We are ready to support you in your decision to invest in Lebanon.