Bright ideas

ENAR

According to a recent World Bank study on global competitiveness published in 2012, Lebanon ranks very poorly on its capacity for innovation and the quality of its research institutions, in addition to low private sector spending on research and development (R&D). Having said this, there is consensus among international financial organizations that Lebanon has the potential to utilize inflow money from its global diaspora to promote and sustain economic growth through investment. Despite efforts made by the Banque du Liban (BDL) to encourage investments, very little is being achieved in this respect. There are of course several facets to this issue, one of them being the absence of an innovation based growth strategy. The Lebanese government has taken some steps through the National Council for Scientific Research (CNRS) which has already coordinated an initiative with universities, private sectors and relevant organizations or associations for the enhancement and development of science,