File - People stand in front of the Bristol Hotel in Hamra, Wednesday, June 12, 2013. (The Daily Star/Hasan Shaaban)
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Nabil Itani, Chairman and General Manager of Investment Development Authority of Lebanon (IDAL), Lebanon's national investment promotion agency, expected FDI to remain at the same level as it had the previous year.According to Itani, around 12 projects by Lebanese investors are currently being studied by IDAL, to determine whether they qualify for tax exemptions.The total value of all Greenfield FDI stood at $104 million in 2013, down 48.5 percent from $201.4 million in 2012, and down 91 percent from $1.8 billion in 2009 .Ghobril said that Greenfield FDI had constituted 5 percent of GDP in 2009, compared to only 0.2 percent of GDP in 2013 . While Ghobril focused on the need for reforms to improve the investment climate, Itani also emphasized the need to improve legislation in order to attract investment that responded to the needs of the Lebanese market.Itani also underlined the need to support investors who were currently available in the Lebanese market by providing them with the needed infrastructure for their projects.
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