The founding session of the Hungarian-Lebanese Joint Economic Committee (JEC) was held in Budapest on 6 March 2020. The Hungarian delegation was led by the Ministry of Foreign Affairs and Trade’s State Secretary for Security Policy, JEC CO-Chair Péter Sztáray, while Lebanon was represented by the Lebanese Ministry of Economy’s General Director of Economy and Trade Alia S. Abbas.

On the sidelines of the session of the Hungarian-Lebanese Joint Economic Committee, a cooperation agreement was concluded between the Hungarian Chamber of Commerce and Industry and the Association of Lebanese Chambers of Commerce, Industry and Agriculture, based on which the Hungarian-Lebanese Business Council will be established in the near future.

At a press conference following the meeting, the Committee’s Co-Chairs highlighted the fact that the body’s founding session is an important step in the further development of bilateral economic and trade relations. There are major opportunities inherent in Hungarian-Lebanese trade flow and economic cooperation, particularly within the fields of the food industry, ICT, agriculture and the health industry. At the meeting, the parties reviewed the most important topics of bilateral cooperation, with particular emphasis on agriculture and the development of agricultural research, water management and environmental protection, information and communications technology, higher education, and the tourism sector.

The parties discussed the agreements that may be concluded in future, including within the fields of export development, investment protection, avoiding double taxation, standards, aviation, industry, labour and social affairs, and consumer protection.

Hungary established diplomatic relations with the Lebanese Republic in 1965, and a resident ambassador has been representing Hungarian interests in the country since the autumn of 2001. Lebanon opened its embassy in Budapest in the summer of 1994. The Lebanese Republic is one on Hungary’s best partners in the Middle East. Although the current economic problems represent a challenge, the country remains an island of security in the conflict-ridden region. Thanks to its deeply rooted democratic traditions and the realisation of peaceful coexistence between various religions and religious denominations, it is the exemplary state of the Middle East.

Following the plenary session, the Co-Chairs signed the minutes of the founding session of the Hungarian-Lebanese Joint Economic Committee. The next, second session of the Committee will be held in Beirut.

(MTI)