Hassan Dannaoui, general manager of Lebanese Tripoli Special Economic Zone (TSEZ) Authority, said Monday that over 600 million U.S. dollars will be invested for the establishment of the Special Economic Zone which will cater to several countries in the region.
“The zone will see the emergence of business think tanks and professional organizations in Tripoli, in addition to the return of diaspora businessmen for new investment opportunities in the city,” Dannaoui said during the FIATA RAME (International Federation of Freight Forwarders Associations in the Region of Africa and Middle East) conference, which was held in Beirut for the first time.
Dannaoui said that TSEZ will cater to the reconstruction of Syria since it is located only 30 km away from the neighboring country.
Dannaoui noted that TSEZ will provide several facilities for investors, including 100 percent customs exemptions on imported raw material, duty-free exports of finished goods, 100 percent exemption on VAT and excise tax for goods and services destined for exports.
He added that the zone will also offer 100 percent exemption on corporate profit tax provided that no less than 50 percent of the workforce is Lebanese and the value of fixed assets or capital is greater than 300,000 U.S. dollars.