Beirut Arab University recently hosted the International Economic Immigration Conference 2024, titled “Yes We Can.” The event aimed to achieve sustainable development in Lebanon, with a particular focus on Tripoli, by revitalizing mobility in the labor market and addressing the challenges faced by Lebanese youth.
Dr. Patrick Mardini, CEO of LIMS, moderated a key session at the conference. His intervention highlighted the significant barriers that young entrepreneurs in Lebanon face when starting a business. It currently takes eight procedures and 15 days to establish a business in Lebanon, at a cost of approximately 42.3% of income per capita. Moreover, even if young entrepreneurs manage to start a business, securing a loan is nearly impossible due to the ongoing banking crisis. They also face persistent challenges such as electricity outages and slow internet, which hinder the successful operation of businesses.
To address these issues, Dr. Mardini proposed simplifying the procedures for starting a business, enabling young entrepreneurs to establish enterprises from their homes with a few clicks online at zero cost. While resolving the banking crisis is essential for improving access to credit, the problems of electricity and internet can be tackled by opening these sectors to competition. Allowing multiple providers of electricity and internet services would enhance service quality and provide the basic infrastructure necessary for entrepreneurs to thrive.
The session underscored the importance of removing bureaucratic hurdles and opening infrastructure sectors to competition in order to foster a more conducive environment for young entrepreneurs in Lebanon. By implementing these reforms, Lebanon can enhance economic mobility and work towards sustainable development, benefiting not only Tripoli but the entire nation.
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