Lebanon News

Lebanese Industrialists threaten escalation

Fadi Gemayel poses for a photo in Beirut, Saturday, April 26, 2014. (The Daily Star/Mahmoud Kheir)

BEIRUT: The head of the Association of Lebanese Industrialists threatened during a news conference Wednesday that the organization will increase pressure on the government if the country's raw materials shortage issue is not addressed.

Fady Gemayel said that Lebanese industry is in a perilous situation, owing to a serious shortage of manufacturing materials.

"Escalation is our only way, and we have decided to implement the first step during the next 10 days," he said.

Gemayel also called on the Central Bank to provide Lebanese industrialists the same assistance to import raw materials as importers of medicine, wheat and fuel importers.

The Central Bank created a special mechanism back in October to allow the smooth import of fuel, medication and wheat, in the face of Lebanon's dollar liquidity crisis.

The mechanism has been was designed to secure U.S. currency for these sectors through Lebanese banks at the official exchange rate. Importers of goods other than fuel, drugs and wheat were not covered.

The raw materials shortage affects thousands of factories and places thousands of jobs at risk, warned Gemayel.

 

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