Turkey lifted the ban it had imposed in 2018 on importing scrap metal from Lebanon, which could now help Lebanon secure millions of “fresh dollars” annually for its economy.
Prior to the ban, Lebanon used to export to Turkey more than 40% of its total exported scrap metal, for an approximate annual revenue of $100 million
The official announcement was made by the Lebanese Minister of Economy and Trade, Amin Salam, after meetings held with Turkish officials, namely the Trade Minister Mehmet Muş, the Interior Minister Suleiman Soylu, and the Foreign Minister Mevlut Cavusoglu.
They discussed the steps that can be taken to raise the trade exchange rate to “greater levels than has been achieved so far,” stressing the importance of implementing the free trade agreement.
Turkish Minister Mehmet Mus informed Minister Salam “that the decision has become official, and Lebanon can immediately return to exporting scrap metal.”
A meeting of the joint higher committee will be held in Turkey in that regard, “at the earliest.”
“This positive initiative from Turkey supports the Lebanese economy at a very delicate time,” Minister Salam noted.
In addition to that decision that could soon boost the Lebanese economy out of its crisis, Turkey expressed its companies’ readiness “to start implementing important infrastructure projects, including the reconstruction of the Port of Beirut,” Minister Salam stated.
This comes at a time when the Lebanese economy has suffered a harsh blow from some Arab Gulf states cutting trade ties with Lebanon.
