'Beirut I': Amer Bisat fine-tunes his major conference to attract diaspora capital

As Lebanon seeks to secure several billion dollars for rebuilding the country and continues discussions with the International Monetary Fund (IMF) to unlock an assistance program that would restore partners’ confidence, Economy and Trade Minister Amer Bisat is also working to convince the diaspora that the country is a healthy and even promising destination for investment.

To achieve this, the minister in Nawaf Salam’s government aims to organize a conference called "Beirut I" by the end of the year. "This event represents an initiative focused on restoring confidence and creating investment opportunities," said Charles Arbid, president of the Economic and Social Council, who is helping organize the event.

The government still needs to give the go-ahead to the project, a source at the presidency of the Parliament told L'Orient-Le Jour on Monday. "The minister presented the initiative for the first time last week and will return with more details. But according to the latest information, he has already reserved the dates — Nov. 18 and 19 — and the venue — the Seaside Pavilion, in the capital," the source added.

Arbid confirmed this information, adding that the conference has been conceived as "a starting point rather than a one-off event."

Private sector enthusiastic

The event's name is modeled after the conferences organized by France in the 2000s — Paris I, Paris II and Paris III. The official slogan of the conference is "Rebuild trust — Invest in Lebanon," Arbid specified.

The initial targets are the private sector and diaspora, followed by Arab and foreign partners, according to public statements by the minister during a Tuesday meeting with a delegation of Lebanese business representatives led by businessman Bassem al-Bawab.

Contacted, Joumana Saddi Shaaya, president of the Lebanese Business Leaders Gathering (RDCL), described the initiative as "very positive for the country." She added that the RDCL will host the minister on Sept. 22 to detail the conference’s goals and its program, and to identify foreign investors as well as target sectors in order to determine how the RDCL can help ensure the conference’s success.

According to Arbid, "Beirut I" will highlight investment opportunities in several strategic sectors, including agri-food, technology, tourism, cinema and culture, as well as infrastructure. "We want to show the existing possibilities in these sectors and make it clear: Now is the time," he added.

The mission will be delicate. The country is still in crisis, its banking sector remains paralyzed, and the security situation is still fragile, with Israeli strikes mainly concentrated on southern Lebanon despite the cease-fire reached last November.

"We are aware of the difficulties, but that doesn’t mean we lack opportunities. On the contrary, reforms have begun and we’re starting to see interest from expatriates and international partners," said Arbid.

The dates chosen by Bisat do not appear to be random. If it takes place, the conference will be held about a month after a Lebanese delegation's supposedly scheduled visit to Washington to meet with IMF and World Bank officials during the organizations' annual meetings.

The outcome of those talks will set the tone for what comes next. Earlier this month, Foreign Minister Joe Rajji said he had been informed of French President Emmanuel Macron’s intention to organize two international conferences for Lebanon: "One in support of the Lebanese Army, the other dedicated to the reconstruction and economic recovery of the country, once the appropriate conditions are met."

"I’m optimistic because the government has accomplished a lot in just a few months," Finance Minister Yassine Jaber told L’Orient-Le Jour, citing the law amending banking secrecy and the recent appointments — blocked for years — of several regulatory authorities. The government has also made progress on the even more complicated issue of restoring the state's monopoly on weapons.

Bisat did not respond to our inquiries.