BEIRUT, Jan. 21 (Xinhua) -- Thousands of industrialists on Tuesday gathered in Beirut to voice their concerns about the tough situation facing the local industry sector which threatens to cause the closure of 5,500 factories and the loss of jobs for over 195,000 workers, local TV channel MTV reported.
Fadi Gemayel, head of the Association of Lebanese Industrialists, announced a state of emergency for the Lebanese industrial sector while urging the cabinet to inject 300 million U.S. dollars to enable the sector to import the needed raw materials.
"We also ask banks to remove the capital controls for industrialists to release their money for them to be able to buy raw materials and keep their factories operating," Gemayel said.
The industry sector in Lebanon contributes to 14 percent of the GDP and every 1 percent growth in the sector generates 1,500 jobs.
Meanwhile, every job opportunity created in the industry sector contributes to creating 2.2 job opportunities in other sectors.
Lebanese importers and industrialists have been suffering from very bad circumstances amid tough capital control measures adopted by banks, preventing them to import their raw materials and needed products.
