Israel waging economic war on Lebanon

By Shakir Husain,

Dubai: Israel is waging an economic war against Lebanon by continuing its sea and air blockade of the country, Lebanese parliament speaker Nabih Berri said.
The Jewish state is also seeking to re-interpret the UN ceasefire resolution in order to stifle the nation, he told the London-based Financial Times newspaper in an interview.
"What it's doing is justifying its blockade, on the airport and the sea, because one of the objectives of this war is to hit Leb-anon economically, and this war is still continuing," said Berri, the leader of the Amal movement and an influential figure who has acted as the mediator between the Lebanese government and Hezbollah.
Berri said Israel had targeted companies during the war, including a milk factory and soft drink distributor, that had won contracts in the region against Israeli firms. "They impose an embargo on air and sea to deter investors from returning to Lebanon, at a time when there's an oil boom and when the Arabs want to invest here."
Sa'ad Al Zain, general-secretary of the Lebanese Business Council in Dubai, charged the Israelis carried out an orchestrated campaign against Lebanese businesses.
"What they did was well-planned. They destroyed a lot of businesses in the Bekaa Valley and southern parts. When peace prevails, Lebanon prospers. The Israelis do not like it," he told Gulf News.
Raed Charafeddine, a senior executive with a leading bank in Beirut, said Israeli air attacks targeted businesses, in addition to hitting civilian infrastructure. "We estimate Leb-anon suffered $9 billion of direct losses during the Israeli attacks. But indirect losses in lost opportunities could be $25 billion," Charafeddine said.
He said it is not just Hezbollah that Israel sees as a threat but there is an economic side of Lebanon that the Israelis do not like.
"Lebanon has strong tourism, service and financial industries supported by a skilled and educated workforce. In Africa, the Lebanese compete with the Israelis in the gold and diamond business," said Charafeddine.
According to reports in the Beirut press, Israel was particularly ruthless in destroying industries owned by Lebanon's Shiite entrepreneurs and 60 per cent of their businesses were targeted by the bombing.
Charafeddine believes Gulf investors will strongly support Lebanon's rebuilding efforts. "Although capital runs away from risks, there are clear signs that Arab investors are determined to support Leb-anon," he said.