Knowledge sector in Lebanon generated 6 thousand jobs and USD 1 billion

The eighth edition of ArabNet conference was launched on Monday in collaboration with Banque du Liban. Over 1500 corporate executives, entrepreneurs and investors were present at the forum to exchange ideas on digital innovation and entrepreneurship as a key facilitator for the future economic development in the country. On the occasion, the founder and CEO of ArabNet, Omar Christidis, emphasized the continuous advancement in the local digital sector supported by the Bank of Lebanon’s Circular 331, which upped the country to second place in the MENA region, with special focus on youth talents and achievements in the digital technology business sector. Another speaker at the conference, Raed Sharafeddine, first vice governor of the Central Bank, pointed out that after three years of the launch of the Central Bank’s initiative in support of digital knowledge economy, Lebanon has started to reap the benefits. Nearly 800 startups are currently instituted in Lebanon, Sharafeddine maintained, pointing that the sector contributed to securing around 6 thousand jobs and added wealth estimated at close to USD 1 billion. On the legal part, the minister of trade and economy, Raed Khury, disclosed that his ministry is presently revising and amending a number of bills, namely, the laws of trade, electronic procedures, partnerships between the public and private sectors, financial markets systems and many others. (Al Diyar, Al Mustaqbal, February 22, 2017)