Lebanon positions itself as hub for Syrian reconstruction
Experts say that Lebanon has to prepare for Syria’s reconstruction once the war there ends or else it will be a missed opportunity to improve the Lebanese economy.
There may be no end in sight of the Syrian war, but Lebanon is already positioning itself as a hub for Syrian reconstruction markets once the war is over. Strategically located between the Mediterranean Sea and some of Syria's most devastated provinces such as Homs and Damascus, Lebanon could become one of the most important gateways for reconstruction efforts.
According to the World Bank, the restoration of Syria represents an industry estimated to be worth over $200 billion. The figure has some businessmen and policymakers hoping that the anticipated boost in multinational trade will save the Lebanese economy, which has stagnated in recent years.
Two free trade agreements, a common language and historic commercial ties are expected to give Lebanon a competitive advantage over other countries that share a border with Syria. “In the last 10 or 15 years when we started liberalizing the economy, at the time when Syria was pursuing a protective planning system, Lebanon was pursuing a free trade economy,” Nabil Sukkar, the managing director of the Syrian Consulting Bureau for Development and Investment, a consultancy specializing in market and investment expertise, told Al-Monitor.
“Lebanon became sort of the Hong Kong of Syria. A lot of business was done in Lebanon to serve Syria, and I expect that in the post-conflict reconstruction period, Lebanon will again become the Hong Kong of Syria,” he said.
