Economic relations

The cooperation between Lebanon and Hungary is principally economic. While the Hungarian exports were constantly predominating, the Lebanese exports stayed insignificant. In 2010 trade between the two countries reached 33 M USD, which increased in 2011 by 8%. The Lebanese businessmen and companies based in Hungary who are mostly operating the commercial exchanges. The Hungarian companies have been interested to participate among others to the infrastructure works in Lebanon (recycling of waste, sewage water treatment, water supply projects), but they were not successful. Hungary’s accession to the European Union will give a new dimension to the economic relations.

The economic relations form an essential and capital element of the Lebanese presence in Hungary. In the past years, there have been investments of about 20-25 M USD in Hungary by Lebanese companies. Several companies have opened commercial representations. The relations between the Chambers of Commerce have been developing, as a Businessmen Forum was organized in parallel with the visit of the Hungarian President, and a cooperation agreement was signed between the two Chambers.

Since the regional and Lebanese political and security situation has been improving, there has been an improvement in the touristic relations. Nowadays, several hundred tourists are traveling between the two countries, as Lebanon, as well as Hungary, offers a great deal of historic and cultural possibilities.