Caretaker Minister Of Industry George Bouchikian said that Lebanon's industrial exports doubled to 4 billion U.S. dollars over the past five years, highlighting a significant expansion in the domestic manufacturing sector.

"The industry sector has become a major contributor to the Lebanese economy," Bouchikian said, according to the National News Agency.

"Lebanese products now hold a 67 percent share of the local market, compared to just 17 percent in 2019," he added.

Bouchikian attributed the growth to a surge in new factories, with the ministry granting licenses to roughly 1,300 in the past three years.

"These new investments are crucial for boosting our exports," Bouchikian remarked, noting that the industrial sector now contributes from 37 to 41 percent of Lebanon's gross domestic product.

The minister also pointed to promising trends in foreign investment, noting that the ministry is collaborating with European countries and chambers of commerce to establish partnerships "for integrated industries targeting the Middle East."

Bouchikian said these partnerships would leverage Lebanon's workforce, geographical location, and strong diaspora ties.