Despite the political uncertainty prevailing in the country, Lebanon continues to attract foreign investments. According to the Investment Development Authority of Lebanon (IDAL), it has processed foreign investment proposals of over USD 312mn during the first five months of this year.
IDAL's Head, Nabil Itani told newspaper The Daily Star that it is in the process of studying further investment proposals worth USD 200mn. Itani said that 57% of the investments processed by IDAL involved tourism projects, while the remaining pertained to the food industry and the IT sector. The government sponsored IDAL has eased the process of foreign direct investment in the country.
Earlier, in 2001, the government of former Premier Hariri authorised IDAL to offer the One-Stop-Shop service, which allows for superseding public administration, agencies and municipalities for the speedy issuance of permits and licenses. In 2004, foreign direct investment in Lebanon had reached USD 1.05bn.