Lebanon Businessnews News
 

Subsidies for the food industry at international fairs
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The Cabinet has agreed to provide a subsidy to support the participation of industrial food companies in three international exhibitions: Gulf Food in the UAE which targets the MENA, the Fancy Food Show in New York held in June, and Anuga in Germany (October 2017).

The subsidy, which is valued at $330,000, was requested by the Investment and Development Authority in Lebanon (IDAL). The subsidy will cover the rental cost of 400 square meters (m2) at the Gulf Food exhibition, 100 m2 at the Fancy Food Show, and 110 m2 in Anuga.

All industrial food companies that have the ability to export their products can submit an application requesting to participate in the exhibitions.

Mounir Bissat, Secretary General of the Syndicate of Lebanese Food Industries, said that spaces will be separated equally between participants, and those who require additional spaces should cover the extra costs themselves.

Bissat said that the subsidy will benefit small and medium-sized industrial companies.

“It will be an opportunity for them to market their produce abroad,” he said.

IDAL said that the supportive program for industrial food companies will in the coming years include additional components, such as conducting studies for new exporting markets, and helping producers in gaining international quality certificates.

According to IDAL, food industrial exports represented 21 percent of total exports last year, and registered 7.6 percent compound annual growth between 2012 and 2016. The number of food industrial companies represented 22 percent of the total industrial companies, employing more than 25 percent of the industrial labor.
Reported by Rania Ghanem
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Date Posted: Mar 28, 2017