Economy Minister meets Beirut Traders Association: State of commercial sector is devastated

2^min

Economy and Trade Minister Amer Bisat participated in an open discussion with the Beirut Traders Association, attended by its president, Nicolas Chammas, board members, and several business leaders, market representatives, and trade organizations across Lebanon.

Chammas highlighted that Lebanon's economy has historically been built on the shoulders of traders, with the commercial sector accounting for one-third of the national economy and employing 27% of the workforce before the crisis. He also noted that traders have been the primary taxpayers in the country.

Chammas pointed out that consumption drives at least 85% of Lebanon's economy, but the current state of the commercial sector is devastated. He lamented that traders have been at the forefront of every crisis for decades, from the civil war to the 2019 financial collapse, the COVID-19 pandemic, and the recent economic downturn that devastated Lebanon's commercial infrastructure.

Emphasizing the need to rebuild Lebanon's economy—particularly the commercial sector—Chammas warned that both traders and consumers can no longer bear additional taxes or fees.

Rising energy costs, operational expenses, and financial burdens have made business survival increasingly difficult, especially after many traders lost their savings in Lebanon's banking crisis. He called for reinstating credit and banking facilities to revive consumption and economic growth.

Bisat reaffirmed the government's commitment to economic recovery, stating that fostering growth and prosperity is the top priority. He stressed that ministers were not appointed to entrench the crisis but to lead the country out of it. Calling for a fresh approach, he underscored the importance of elevating Lebanon's economy beyond its prolonged stagnation.

Highlighting the essential role of the commercial sector, Bisat noted that consumer activity constitutes 70% to 85% of economies worldwide. He described the sector as the vital link connecting various economic components, from imports and exports to investment and public spending.