Britain and Lebanon are great traders, on the edge of our continents. The Phoenicians were masters of global trade 7000 years ago. Our moment came several millennia later, but we also built our success, in the 19th century, on the back of a readiness to pioneer, to voyage, and to do business.
Diplomats cling to trade stats. In a profession defined by fluffy platitudes (how do you measure ‘warm bilateral relations’?), they give us something concrete. Here in Beirut, Lebanese imports were up 49% over the last year, and British exports up 7%. We have opened a new British brand every month this year, and held a massive British week in June.
Last week, I was with the Central Bank Governor and the Chairmen of Lebanon’s biggest banks in London, to launch Monday’s trading at the Stock Exchange, and to show investors the real Lebanon – resilient, talented, energetic. This morning I was with British companies that are looking to be part of Lebanon’s high potential gas sector, generating jobs and growth in the UK and here in Lebanon.
But we’re ambitious for much more. Especially as we aim to trade our way out of the financial crisis – PM David Cameron has set us a global target of 1 trillion GBP of trade by 2020, of which Lebanon’s share is £750m. That won’t happen by itself.
So we have to think beyond the traditional approach to direct bilateral trade, and to caffeinate our effort. In a networked world, every country has to play to its advantages. The UK’s great strengths, apart from the language of business and the internet, have always been creation, invention and innovation – electricity, the ‘phone, the web. Lebanon’s strength is its location – the potential hub once again for the region, the pivot between East and West, maybe even the next Dubai or Singapore.
This will take the right leadership, and the right infrastructure: 24/7 power, the internet, and rule of law. It will also require Lebanon to leverage its diaspora. The Lebanese are everywhere where there is business to be done – Rio is the largest Lebanese city, and Lebanon has big success stories, including not one but two Carlos: Ghosn (Chairman of Renault & Nissan) and Slim. Expat remittances to Lebanon were a staggering $8.2bn last year.
How can we better link the innovators of Britain with the distributors of Lebanon? Online dating. Internet matchmaking is massive: 40 million Americans and 140m Chinese have tried it.
For the next generation, it will be the most popular way to seek a partner. We need to use that technology and infrastructure to internet matchmake UK and Lebanese traders. So a person with an idea in Glasgow can find the person with the network in Lebanon, to crack a market in DRC. Such networks could also better withstand regional instability.
The UK’s Tech City is one model for future tech hubs.
But to do this, we need ideas and expertise. We are searching for smart Lebanese or British tech-savvy individuals to set up the Britain/Beirut Online Business Hub, with our encouragement. If you’re that willing volunteer, please contact our UKTI team.
After that, over to business. Let’s spread the love. Cue Barry White. Fade.