BEIRUT, Sept. 11 (Xinhua) -- Luxembourg's Minister of Economy and Trade Etienne Schneider emphasized on Wednesday the need to increase investments in Lebanon by cancelling double taxation in the country.
The minister made the remarks during his meeting with Lebanon's Prime Minister Saad Hariri, said a statement by the prime minister's office.
"There are lots of opportunities for boosting economic ties with Lebanon, but first we need to cancel double taxation in Lebanon in a bid to attract investments to the country," said Schneider.
Double taxation occurs when the same transaction or income source is subject to two or more taxing authorities.
Schneider said he discussed with Hariri measures that should be taken to remove double taxation as soon as possible.
"Luxembourg has the second biggest industrial capital in the world and it is always looking at making investments in countries like Lebanon," he said.