The armed conflict between Israel and Hezbollah has severely impacted Lebanon's commercial sector, which continues to face significant challenges while preparing for the future. Despite the ongoing recovery process, the sector remains resilient. In this context, Nicolas Shammas, President of the Beirut Traders Association (BTA), organized a major business gathering on Wednesday. The event brought together representatives from trade unions, committees and associations from across Lebanon.
Shammas praised the resilience of retailers and emphasized the importance of solidarity within the commercial community. He stressed that the only way to overcome the crisis and pave the way for brighter days ahead is through collective action, “with one hand and one heart.”
He then presented an overview of the BTA's activities, highlighting its contributions to Lebanon's economic recovery efforts. Importantly, the association has been instrumental in revitalizing the commercial sector. This includes helping to restart business activities and securing the approval of important laws, such as those that extend deadlines and allow for the revaluation of inventories and goods.
Shammas also outlined several ongoing initiatives, such as allowing merchants to pay taxes in bank dollars and securing new dollar financing for businesses through bank credits.
He further discussed the substantial losses faced by the commercial sector, citing a World Bank estimate of $175 million in damages by the end of October 2024. The total economic losses are expected to reach $1.7 billion.
Lastly, Shammas highlighted that the commercial sector has been one of the hardest hit due to the displacement of workers and employers, the disruption of supply chains and the shift in consumer spending, which has been focused on essential goods.
Comments