The Beirut & Mount Lebanon Chamber of Commerce, Industry & Agriculture signed a Memorandum of Understanding with its Armenian counterpart to strengthen bilateral ties, enhance investment in both countries and promote trade cooperation. Lebanon's export to Armenia totaled $1.6m in 2012 and accounted for 0.04% of its total exports, while it imported goods worth $0.3m last year.
Lebanon's main exports to Armenia were live animals and animal products with 34% of its exports to the country last year, followed by prepared foodstuff with 19%, textiles and textile products with 16.3%, and pearls, precious stones & metals with 13.8%. Machinery & electrical instruments accounted for 32.1% of Armenia's exports to Lebanon, followed by pearls, precious stones & metals with 28.3%, and prepared foodstuff with 8.8%.
In parallel, National flag carrier Middle East Airlines (MEA) launched its first direct flight between Beirut and Yerevan, the capital of Armenia. MEA will operate two roundtrip flights per week between the two cities, with each flight having a maximum capacity of 126 passengers. Direct fights between Beirut and Yerevan were operated by Armenian carrier Armavia Air until the latter filed for bankruptcy and suspended its operations in March 2013.
Lebanon This Week – Byblos Bank