Good afternoon Ladies & Gentlemen. As a first note, I would like to welcome you today especially that ALCC is always pleased to welcome business visitors from America, but in this case we are particularly pleased to welcome Americans of Lebanese origin, those with close & continuing ties to Lebanon and those who rarely come, but are here now.

Today, your presence has a special meaning. In the aftermath of this summer's war and the damage done across the board, at least to the Lebanese economy, we welcome individuals who came to show solidarity with Lebanon: the Lebanese American Renaissance Partnership. You are self-selected / self selected as a group with a special affinity to Lebanon, with a commitment that goes beyond statistics and account ledgers. You are here because you love Lebanon. We welcome you in this spirit and look forward to developing together ideas that will be both beneficial to Lebanon and satisfying to you as individuals of commitment; and hopefully will lead to a common vision for the future.

Most of you have been wondering how can we help in the rebuild of this country, how to rebuild what was ravaged or devastated by the war: We, at the ALCC, are fully committed in this effort and we are relying on the resilience of the Lebanese Business community or private sector to overcome the stagnates of the war on our economy. Our primary focus is private sector linkages between Lebanon and the US. Over a month ago, we received at this same place, the White House business delegation lead by Mr. John Chambers, CEO of Cisco. Their trip to Lebanon was a clear message of support from the US President Bush administration to the people of Lebanon and especially to the private sector. The goals of the delegation were primarily focused on how the two private sectors (US & Lebanon) could cooperate on long-term basis and we came to a certain vision of investment fund that was implemented by the White House Business delegation upon their return to the States. Today, ALCC wants to put forward a concept that you as individuals and as participants in the Lebanese American Renaissance Partnership can develop further. Because we have repeatedly heard from American Lebanese colleagues that they want to help and are interested in investing in the Lebanese economy but don't know how: investment mechanisms for the new investor are not easy to find.

The concept: a US-based-Lebanon Investment fund that will allow you to invest with confidence in Lebanon. The objectives: Invest in Lebanese companies from various economic sectors either through start-ups or existing businesses. It will go through Venture Capital or Equity financing to new and rapidly growing Small and Medium Enterprises. As you may be aware, the majorities of companies in Lebanon qualify as SMEs and represent the dynamo of Lebanon's economy. They also are responsible for employing a high percentage of Lebanon's workforce. The fund will finance start-up companies or fast-growing companies whose focus is in IT (Wireless broadband, fiber to the house, etc, agriculture, tourism). These projects will represent the leapfrog we need to boost the economy and put it in the leadership in the region covering these sectors. With time, the Capital Venture projects will generate income that will help perpetuate the program over the years.

Being from Lebanese origin, you have first-hand knowledge about the entrepreneurship skills of the Lebanese. We have so many entrepreneurs in Lebanon who have the ideas, the skills, the experience, and the will to succeed. What they lack is the capital to make their projects happen. We hope this fund will provide the start-ups with the required seed capital and the growing companies with the funds to allow their companies grow even faster. In essence, this program will greatly contribute to JOB CREATION in Lebanon.

Part of the profits generated will go to a Program to grant R&D dollars to companies in the private sector developing commercially viable products and services. We have a large population of educated people in Lebanon, and more and more keep graduating from top Lebanese universities such as AUB… and many of them have potential for R&D. Unfortunately, once they enter the workforce, they seldom find R&D opportunities in line with their potential. Te lack of Research & Development is due to the lack of dollars available. The result of this is that many Lebanese inventors and scientists end up leaving the country and excel while working for foreign institutions or corporations.

R&D grants to meritorious products and services, does not only promote economic growth in a sustainable manner, but also helps create jobs. Most importantly, it will SLOW THE BRAIN DRAIN, which we have experienced in Lebanon for so long. We trust this R&D Grant Program can help keep many of these talented scientist and investors while growing the economy and boosting CREATIVITY and COMPETIVENESS.

Grant Program to charities and pro-bono organizations: This program is destined to provide financial support to those charitable organizations and health institutions that assist the most helpless of the Lebanese people.

• Is there risk?  Perhaps, but sector by sector there are good opportunities for success, and we envisage a solid return on your investment.
• Is there risk?  Perhaps, but we are talking to a group of individuals that have declared their solidarity with Lebanon.
• Is there risk? Perhaps, but there was risk involved in your coming here this week.
• We are convinced that you -- more than any others among the Lebanese American community - are poised to take these risks, in solidarity with us in Lebanon.

The critical piece of the puzzle now becomes how to improve the livelihood of our compatriots once their homes are rebuilt and roads and bridges are restored; how to give them a more active stake in Lebanon's economy; how to turn them away from destructive elements and towards an expansive vision of a successful, pluralistic, society.

We have the capability and the ingenuity. We have the working together with you to strengthen private sector links. Join us. Be part of the success story that will emerge from Lebanon.