BEIRUT, May 15 (Xinhua) -- Lebanese entrepreneurs have showcased a raft of innovations at a business summit in Beirut that concluded on Thursday, underscoring a collective drive to leverage the country's local talent and untapped potential.
The three-day event, called the PowerX Summit, drew over 70 exhibitors and featured panel discussions and workshops with professionals from various sectors. Participants presented tech-driven solutions aimed at tackling pressing local challenges, including easing Beirut's persistent parking congestion, improving personal finance tools, and supporting farmers via digital platforms.
Despite a challenging business environment, numerous company leaders at the event highlighted Lebanon's potential for scalable growth. However, they acknowledged ongoing hurdles such as unreliable infrastructure, limited access to capital, legal uncertainties, and a lack of institutional backing.
Addressing the summit, Industry Minister Joe Issa El-Khoury pointed to recent legislative measures designed to attract investment in the technology sector. He cited the enactment of a new law establishing Industrial Technology Zones, intended to foster innovation and encourage collaboration among industry players.
Government data indicated that Lebanon exports over 300 million U.S. dollars annually in technology products, including artificial intelligence (AI) and cybersecurity solutions. Market analysis showed that Lebanese startups raised approximately 250 million dollars in 2024 -- a 50-percent increase from the previous year -- generating an estimated 8,000 new jobs, particularly in fintech and AI.
While optimism remains strong among entrepreneurs, experts have cautioned that the future of Lebanon's tech ecosystem hinges on improved infrastructure, clearer regulatory frameworks, and sustained investor confidence. ■
