Turkey has lifted a ban on the import of scrap metal from Lebanon, the country’s economy and trade minister said Sunday.
The Turkish decision will secure $100 million (TL 1.35 billion) of “fresh dollars” annually for Lebanon, Economy and Trade Minister Amin Salam said in comments reported by Lebanon's National News Agency.
More than 40% of Lebanon’s scrap metal exports were heading to Turkey before the ban was imposed in 2018.
Salam said that the decision was taken during a visit last week to Turkey alongside a delegation headed by Lebanese Prime Minister Najib Mikati.
“(Trade) Minister Mehmet Muş contacted me and informed me that the decision has become official, and Lebanon can immediately return to exporting scrap metal,” Salam was cited as saying.
“This positive initiative from Turkey supports the Lebanese economy at a very delicate time in which Lebanon appeals to all sister countries to support it to get out of its acute crisis on the path of recovery and reform towards the new Lebanon, a destination for (foreign direct investment) FDI, prosperity and brilliance.”
Salam also said they had discussed the steps that can be taken in order to raise the rate of trade to greater levels, also stressing the importance they attach to putting the free trade agreement (FTA) into effect.
Despite the coronavirus pandemic, the trade volume between the two countries reached $1.8 billion in 2021 with an increase of approximately 80% year-over-year.
Salam also recalled President Recep Tayyip Erdoğan’s remarks that Turkey was ready to undertake infrastructure projects in Lebanon, including rebuilding the Port of Beirut.
A massive chemical blast at the port on Aug. 4, 2020, has been described as one of the largest non-nuclear explosions in the world. It devastated the Lebanese capital, killing at least 216 people, injuring thousands and destroying entire neighborhoods.
The blast was a strong blow to a country already crushed by an economic meltdown described by the World Bank as one of the world’s worst since 1850.
