There are indicators that things are getting better for manufacturing, which has been and continues to be one of the most resilient sectors during the crisis. Shrewd industrialists are seizing available opportunities to expand and modernize their business. Locally-made goods are expanding their share in the local and global markets. Early signs of a possible solution to the credit crunch are emerging, though they still are the first steps in a journey of a thousand miles. A thriving industrial sector triggers a multiplier effect that contributes to the revival of other sectors and the economy at large.
Local market share almost triples
The share of products manufactured in Lebanon as a percentage of total sales of local supermarkets has surged to 60-65 percent from less than 25 percent before 2019. According to , Chairman of the Association of Industrialists (ALI), the factors that have allowed manufacturers to replace imported products include the economic crisis, the depreciation of the lira, and the good quality of local products, in addition to the pandemic which had paralyzed international transportation and gave local manufacturers the opportunity to become almost the only players on the domestic market. Fuel subsidies, which were still in place at that time, also contributed to enabling the industrial sector to significantly strengthen its footprint on the market in the last two years, he said. , ALI’s Deputy Chairman, said: “Consumers have switched to locally produced goods. This is
