There is no doubt about the fact that the Middle East region has had its plateful of economic challenges in the recent past. The political unrest that was brought about by the Arab Spring has been a contributing factor to the economic problems seen in Middle Eastern countries that are still reeling from the worldwide economic crisis which has led to the bulk migration into European countries today.
The biggest source of economic challenges in these countries is fundamentally a lack of opportunity for potential entrepreneurs. Considering the fact that the governments and public sector that were previously heavily relied upon for employment opportunities are today not able to meet the demands for jobs, it leaves entrepreneurship as the most viable choice.
Entrepreneurs have the capacity to:
- Create jobs
- Create wealth
- Spark economic regeneration through innovative activities
With this in mind, Middle Eastern governments have given priority to the support of entrepreneurship among its citizens as well as foreigners.
However, most investors who have already hit the ground have not been able to break even as government institutions are yet to make the entrepreneurial environment habitable. Corruption, bureaucracy and bankruptcy continue to hold back the entrepreneurial process.
It’s evident that using entrepreneurship to solve the economic problems of the Middle Eastern countries is yet to become a smooth process. With more and more citizens seeking economic refuge in European countries, local governments need to adjust their investment laws to make the playing ground level and favorable for potential investors.
A greater focus should go to creating human capital which will serve as the foundation upon which the other arms of entrepreneurship will grow. New graduates who are yet to find employment should be given proper guidance to implementing the skills they learnt in school on a practical setting such as starting a company to solve a problem in the market.
Organizations such as the World Bank and USAID are mentoring young professionals in the bid to promote entrepreneurship in the Middle East. [ssir.org/articles/] sheds more light on this topic and how the countries in the Middle East can work together to promote entrepreneurship.
Business opportunities in Middle East
More and more international entrepreneurs are streaming into the Middle Eastern region from startups as simple as cleaning and hygiene companies. With its vast wealth from oil, growing population that is hungry for all manner of consumer and industrial goods, Middle East has turned to a very attractive market for manufacturers from all over the world.