More than $250 million have been invested in the knowledge economy, according to BDL Governor Riad Salameh. “These investments are creating job opportunities and increasing the country’s competitiveness,” he said.
The knowledge economy currently accounts for one percent of the Gross Domestic Product (GDP), according to Blominvest Bank figures. In four to five years the market will start to see successful startups with satisfactory sizes, according to Mikhael. In ten to 15 years, he said that the share of the knowledge economy sector of the GDP may range between four to five percent. “The country has the right knowhow and any significant technology creation would reduce production costs and help support other industries,” said Mikhael. “However, to achieve this target, we need stable economic growth and development of infrastructure, including Internet speed and fiber optics, among others,” he said.
The intermediate circular modifies a basic circular issued in 1996. BDL issued Circular 331 two years ago, which allowed commercial banks to invest up to 80 percent in a startup’s capital, in order to encourage investment in the knowledge economy. Complete article