BEIRUT: Prominent Lebanese and Mexican figures emphasized on Friday the importance of improving and developing fruitful economic relations between Mexico and Lebanon.

The remarks came during the launching ceremony of the Lebanese Mexican Business Council (LMBC) at the Metropolitan palace hotel under the patronage of Economy and Trade Minister Mohammad Safadi and the Ambassador of Mexico Jorge Alvarez-Fuentes.

President of the Lebanese Mexican business council Maroun Rizkallah was the first to speak, pointing out the deep Mexican and Lebanese ties stemming from the significant presence of Lebanese in Mexico. 

“The Lebanese community in Mexico occupies the most important economic and political positions; it also owns a large network of companies as well as financial, commercial and industrial institutions,” Rizkallah said. “Those companies have a distinctive effect on the Mexican economy,” he continued.

According to Rizkallah, one of the chief goals of launching the council is to create a database which will give all council members the opportunity to access economic and financial reports from Mexico.

Next to address the audience was Alvarez, who began with a personal statement which he decided to share with the guests.

“This is a day I have dreamt of for quite some time. The launching of the LMBC will take the relations of Lebanon and Mexico to a new stage,” Alvarez said. “Today I will be honest, I am a diplomat but also an instigator,” he added.

Alvarez noted that it was time for Lebanese businessmen to start taking action if they really meant to do business with Mexico. He said such  action was the reason why there was a need for the  LMBC as a concrete step to promote links between the two countries’ business communities.

“The embassy of Mexico is keen to support this council,” Alvarez stated.

According to Alvarez, there were numerous reasons to do business with Mexico, including the fact that it is the 14th largest economy in the world; it is the world’s seventh tourist destination, and the biggest exporter and importer in Latin America.

Alvarez also pointed out sectors which might be of particular interest to Lebanese businessmen in Mexico, including the electronics industry, textiles and clothing, fresh food products as well as building materials.

“The electrical-electronics industry is Mexico’s main exporting productive activity and accounts for 30 percent of total exports and contributes to around 8 percent of manufacturing GDP,” Alvarez noted.

Safadi began his own speech with a witty dose of humor by greeting the audience in Spanish, and remarking to the ambassador: “You really tempted me to become a member of the council. Thank you for this wonderful expose. Hopefully the trade figures between us will really improve.”

Safadi also saw the creation of the council as a remarkable and overdue initiative to solidify Lebanese-Mexican ties. 

“The history of cooperation between our two countries has always been based on mutual respect and trust. We are currently one of Mexico’s largest trading partners in the Middle East,” Safadi said.

“This is reflected in the increasing trade activity between Lebanon and Mexico which has grown by an average of about 30 percent in the last four years,” he continued.

Safadi added that the business environment in Lebanon has never been as ready as it is today to accommodate additional investment. 

“Lebanon has weathered through the global financial crisis with near-complete resilience to any major consequence,” Safadi said. “Lebanon’s economy grew by an average of 8.5 percent in the three-year period from 2007 to 2009 making it one of the 10 fastest growing economies in the world.”

According to the minister, the result of this economic growth is that Lebanese businesses have the capacity to enter into joint ventures with their Mexican counterparts.