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Lebanon looks to reform business practices

Lebanon was once a hub for business in the Middle East, but in recent years it has struggled to regain its former glory.
Lebanon's Economy and Trade Minister Alain Hakim speaks during an interview with Reuters in Beirut October 24, 2014. Lebanon's economy will grow by no more than 2 or 2.5 percent next year if it does not resolve its political problems as it struggles to cope with the fallout from the war in neighbouring Syria, Hakim said. Picture taken October 24.   REUTERS/Mohamed Azakir   (LEBANON - Tags: POLITICS BUSINESS CONFLICT) - RTR4BKBT
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Lebanon has always prided itself on being a land of personal initiatives. Since its independence in 1943, and throughout the three decades following World War II, it became a destination for free economy and a hub for investors and foreign companies. Lebanon was perceived as the most suitable access point to the markets of the Gulf and the Middle East because of its climate and geographic location, not to mention its social openness and business-friendly environment.

Several factors have undoubtedly fostered Lebanon’s pioneering role, such as the advanced service sector, which includes tourism, banking and health, as well as the active educational sector that follows the progress of the economy and offers the job market the right expertise. The Lebanese have always been known for their sense of innovation and creativity wherever they go in the world. Many of them have enjoyed bright success, especially those who were placed in the right setting that harbored their creativity and passion for taking the initiative and making achievements. This indicates that Lebanon is a business-friendly environment, which is compulsory to leverage entrepreneurship spirit.

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