This one is probably one of the longer articles of this series, but for good reason, as there's a lot to cover for this specific topic. However, this one is arguably the one that may result in the most economic development because of how crucial of a role manufacturing plays in economic growth.
A Quick Lesson in Economics
Lebanon's manufacturing sector was once a vital part of our nation's economy, contributing significantly to employment, GDP, and overall development. However, the sector has faced many, many challenges in recent years, resulting in a decline in productivity, competitiveness, quality, and standard. These challenges include a lack of investment, outdated technology, and limited access to resources, which have left many manufacturing businesses struggling to survive.
The Challenges They Face
Lack of investment: The current economic situation has made it difficult for investors to put their money into the manufacturing sector, further limiting the growth and modernization of businesses (and, essentially, our economy).
Outdated technology: Many Lebanese manufacturers still rely on outdated machinery and production techniques, putting them at a competitive disadvantage. Modern technology is essential for economic growth.
Limited access to resources: Lacking raw materials and facing energy problems, Lebanon has faces shortages in all of these areas due to the economic situation and lack of infrastructure development.
How We Can Help
Investment: Without any doubt, investing in the Lebanese manufacturing sector is a risk not many of us can take on, especially given the current economic state of our country. However, for those of us who have extensive expertise and strong connections in the manufacturing industry, they may well be the ones who are capable of taking on the opportunity to make a significant impact on our country's economic development. Through investments, Lebanese manufacturers will be able to bring in never-before-seen, state-of-the art machinery and methods of manufacturing that's capable of producing high-quality products that can compete in global markets. This, in turn, can lead to outsourcing opportunities to companies abroad, increased exports and, ultimately, a return on investment for you as investors. Again, while this approach might not be suitable for all of us, it is worth considering for those with the resources, expertise, and commitment to drive the positive change in our country's manufacturing sector that we desperately need.
Form a Diaspora Initiative Tackling This Matter: If you're part of a Lebanese diaspora network, it would be a brilliant idea to bring members together to create a dedicated initiative focused on supporting the manufacturing sector in Lebanon. By leveraging the collective skills, resources, investments, and connections within the networks with companies worldwide, the initiative can strongly and commandingly drive the effort towards strengthening our manufacturing sector.
How To Structure This Diaspora Initiative
I will be going the extra mile here and tell you all exactly how we need to approach creating a designated initiative about this matter properly:
Step 1: Assemble a team of diaspora members who have a strong background in manufacturing, are passionate about the cause, and are willing to contribute their time and resources.
Step 2: Do the necessary market research, make yourselves familiar with Lebanon's current manufacturing sector (get in touch with stakeholders, experts in the field, etc.), and outline the initiative's goals.
Step 3: Plan out the whole operation and the strategies to achieve them (think about what needs to be done, how to improve on what exists, costs involved and required funding to make things work). Things the initiative should be all of the following:
a) Prioritize securing investments/funding for Lebanese manufacturing firms, be it from members of the initiative, members of the diaspora network, or any other sources. New machinery and new manufacturing methods are needed and necessary to stimulate economic growth.
b) Transferring your knowledge and expertise to these manufacturing companies.
c) Leveraging your international networks to help Lebanese manufacturers find new markets for their products, establish partnerships, and secure supply chain resources.
Step 4: Identify Lebanese manufacturing companies to reach out to that align with the mission. Secure partnerships with global companies, organizations, and industry leaders to facilitate things. Set milestones, go after them, get things done, repeat.
As always, thank you so much for reading this article, I hope you found it informative and go on to use its information to contribute to the cause! Please make sure to share this article (or really the whole article series: jobseeqr.co/articles) with your friends and family. To stir change, we need to bring in as many people as we can possibly find.
Make sure you check out other articles I wrote, and if you'd like to get in touch with me, whether you have feedback, want clarification regarding any of the articles, have ideas to share, would like to work with me, or simply want to say hello, my contact information is below. Have a wonderful day! ❤️