The Future of Lebanon’s Knowledge Economy: A New Report from the UK Lebanon Tech Hub

The UK Lebanon Tech Hub recently published a report on the future of Lebanon’s knowledge economy. The 100+ page report offers a comprehensive analysis of the drivers, industry enablers and challenges of the knowledge economy in Lebanon, and benchmarks it against international and global trends.

The report also moves on to estimate how much Lebanon’s knowledge economy could grow in the next 10 years. It proposes key policy interventions, initiatives and recommendations for Lebanon to be recognized as a regional player in the Information and Communications Technology (ICT) sector by 2020, and as a quality supplier of innovative technology by 2025.

The report states that the knowledge economy contributes around $403 million to our economy, making it the 3rd largest contributor, after financial services, remittances and oil & gas. There are some 300 companies in ICT related activities in Lebanon, with 11,200 IT specific employees. Ultimately, the Hub mentions that the aim is to provide a very significant stimulus to the tech sector; to transform the economy into one which really fosters innovation and entrepreneurship; and to put Lebanon on the world map.

The report identified three sectors of focus to achieve the desired objective based on the analysis of current strengths and weaknesses of the knowledge economy in Lebanon. These are:
1. Fin tech (financial technology) – technology and innovation at the service of more efficient financial solutions.
2. Well-being – technological innovations and ideas contributing to greater health and well-being, including consumer healthcare and natural ‘healthy’ food options.
3. Retail visualization – orienting solutions towards better customer offerings, experiences and service delivery and leveraging the power of digital media (including social media) for marketing, promotion, e-commerce, communication and customer engagement.

This is a well-structured, insightful and interesting report for current or aspiring entrepreneurs in Lebanon, economists, business-savvy people or, more generally, anyone interested in this field.

The UK Lebanon Tech Hub is an international initiative by Banque Du Liban and the UK Government supporting the growth of Lebanon’s Knowledge Economy. The UK Lebanon Tech Hub spearheads an international accelerator program for startups — the first accelerator from the region with a truly global footprint.

Click here” to read the full report.

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