The board of directors of the International Movement of Lebanese Business Leaders (Midel), chaired by Fouad Zmokhol, held an extraordinary meeting on Monday to discuss the survival of private-sector businesses during the ongoing war.
Participants noted that “the majority of productive sectors have lost all resilience,” stressing that “the most important thing is to start preparing reconstruction plans and strategies.”
On this subject, Zmokhol noted: “We won’t speak about reconstruction until we agree on a unified vision and build solid foundations and pillars for this reconstruction.”
The discussion continued on “the possibility of helping businesses put up with this ordeal, which unfortunately seems likely to persist.” The participants called on international organizations not only to send humanitarian aid but also to establish an investment fund to support small and medium-sized enterprises (SMEs), as these are bearing the brunt of the war and represent 90% of the local market.
Zmokhol explained that SMEs have lost their liquidity and much of their workforce, that the local market has deteriorated, and that they have also lost the confidence of foreign clients. In his view, they can survive only a few more months.
He warned that their collapse would lead to a fatal blow to the Lebanese economy.
In addition, participants called on the Council of Ministers and relevant ministers to support private-sector businesses by providing tax and customs relief to help them sustain operations.
They also discussed the risks facing the communications sector. “If this sector is destroyed, we will be completely cut off from the world and the economic cycle,” they warned, emphasizing the importance of signing contracts with Starlink to enable businesses to communicate at a lower cost and with less risk.
They concluded that reconstruction must begin with rebuilding institutions, and that the pillars of reform start with respecting the institutions that will play a fundamental role in the restructuring process.
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