Lebanon suspends all investment plans in Iraq

Published August 9th, 2004 - 03:00 GMT

Lebanon has suspended all investment plans in Iraq as a result of the latest wave of kidnappings, which included five Lebanese hostages. The nabbed Lebanese comprised of a businessman and four drivers whose trucks have also been hijacked along with a big load of power generators, An Nahar newspaper reported Sunday.

It quoted the chairman of Lebanon's Industrial Association, Fadi Abboud, as saying in an interview that Iraq's rickety security conditions "have led to halting any Lebanese planning to invest in Iraq."

"The Lebanese were eager a year ago to move into Iraq's industrial sector, because of the low cost of energy, which is almost non existent and the low costs of labor," Abboud conveyed.

According to him, the plan was to invest in the fields of plastics, power generating, air conditioners, petrochemicals and prefabricated houses. "But all this planning has now come to a standstill after the targeting of Lebanese in Iraq," Abboud said.

He stated Lebanon's exports to Iraq have ebbed between 30 and 35 percent as a result of the latest kidnappings. (menareport.com)