by Dana Halawi
BEIRUT, June 20 (Xinhua) -- Suppliers of raw materials for construction reported a slowdown in Project Lebanon 2019 in the demand for their products amid economic recession.
"Our business has dropped remarkably and we are not capable of maintaining the same profits as in the past because of the economic slowdown in Lebanon," Sleiman Slim, managing director of Engineering Façade Solutions (EFS), told Xinhua.
"However, we are used to these ups and downs in Lebanon and the country's situation will definitely improve," Slim added.
EFS is a company that manufactures windows, doors and entrances for buildings in addition to selling manufacturing equipment for the production of aluminum.
Slim said he hoped that Syria's reconstruction would give him a chance to take part in projects in the neighboring country.
"That would be a great achievement because the Syrian market is big," he said.
Ali Al Atrash, a sales representative at BMA paints, a manufacturer of paints and related materials, said his company was negatively impacted by the economic slowdown in Lebanon but it is trying to compensate for its losses by exportation.
"What really helps is our exports to 13 countries in the world," he said.
Alaa Bou Ajram, corporate account manager at Hajj Art Stone, a producer of stones and floor tiles, said demand for his products in residential projects has dropped.
The real estate market in Lebanon has been suffering tremendously for the past few years because of the lack of demand on residential and office projects caused by the low purchasing power of the Lebanese and economic slowdown in the country.
According to Lebanon This Week, a weekly economic publication released by Byblos Bank, real estate transactions in the first five months of 2019 dropped by 16.2 percent compared to the same period last year.
Project Lebanon is a yearly event gathering over 250 exhibitors from 20 countries to showcase their broad range of products, equipment, and innovations while helping mobilize Lebanon's construction via trade with local stakeholders.
China, Italy, France, Iran, and Pakistan are among the countries participating this year's four-day event which started on June 18.
Ren Xiangqun, assistant to general manager at Samee, a manufacturer of construction tools in China's Shanghai, said his company has been partnering with a Lebanese dealer for two years and demand for his products has been going up, contrary to Lebanese suppliers interviewed by Xinhua.
"We came up with a new brand and demand for this brand is going up because we have high quality at good prices and an aggressive marketing policy," Ren told Xinhua.
