EU to boost competitiveness of local product

Initiative to encourage local manufacturers to be more innovative

A project to support innovation in the manufacturing industry was launched by the Industrial Research Institute (IRI). The ‘Innovation Voucher Project’ is funded by the European Union as part of efforts to reinforce the competitiveness of the private sector.

The project targets small scale Lebanese industries and SMEs in other areas. It offers financial incentives to encourage these firms to develop new products and services, as well as adopt innovative business models.

The project will especially benefit small industries that cannot afford to finance their own research and development. Vouchers of up to $12,500 will be granted to at least 20 local SMEs.

The initiative is operated by IRI’s Centre for Innovation and Technology (CIT). The EU granted the CIT $250,000 to fund the project.

The EU has so far allocated over $20 million in integrated support to local SMEs.

Reported by Hanadi Chami