(MENAFN) A wave of Lebanese entrepreneurial innovation was on display at a business summit in Beirut that wrapped up on Thursday, spotlighting a shared commitment to harness the country’s homegrown talent and latent capabilities.

The PowerX Summit, a three-day gathering, brought together more than 70 exhibitors and included expert-led panels and interactive workshops. Attendees unveiled technology-based initiatives designed to address some of Lebanon’s ongoing issues—such as alleviating Beirut’s chronic parking problems, enhancing digital personal finance solutions, and providing tech support to farmers.

In spite of persistent economic and infrastructural challenges, many business leaders expressed confidence in Lebanon’s potential for scalable development. Still, they noted persistent barriers, including unstable infrastructure, restricted funding opportunities, legal ambiguities, and a lack of formal institutional support.

Industry Minister Joe Issa El-Khoury, speaking at the event, referenced new policy efforts aimed at attracting tech sector investment. He mentioned a newly passed law that creates Industrial Technology Zones to boost innovation and foster collaboration across the sector.

According to government figures, Lebanon exports more than $300 million worth of tech products annually, encompassing areas like artificial intelligence and cybersecurity. Market research revealed that in 2024, Lebanese startups secured roughly $250 million in funding—a 50% rise compared to the prior year—resulting in around 8,000 new jobs, notably in fintech and AI sectors.

Despite the optimistic tone among startup founders, analysts emphasized that the sustainability of Lebanon’s tech landscape depends heavily on infrastructure upgrades, regulatory clarity, and continued investor trust.

MENAFN15052025000045017169ID1109553971