Investment in Syria Towards Recovery
By the implementation of the Syrian government’s policy to mobilize all efforts to build a stronger Syria, the Syrian Investment Agency (SIA) has spared no effort to reactivate and improve the country’s investment atmosphere which, as other key economic sectors, was badly affected by the ongoing crisis and the heinous war waged against Syria by foreign-backed terrorists and mercenaries.
Despite the serious damage caused to the investment sector by the global war on Syria, reports issued by the SIA indicated that this sector has started to heal and grow again. The SIA’s 7th annual economic investment report for 2012 mentioned that the number of enlisted projects reached 47 at an estimated cost of Syrian Pounds 38435 millions.
A recent SIA report pointed out that since the beginning of 2013 till last October, the number of enlisted projects has reached 33 at a cost of 79 billion Syrian Pounds, covering mainly industry and transport. According to the report, the projects provide more than 8400 job opportunities.
Moreover, the recently enlisted “Nasamat” project for generating electricity has been a turning point in terms of attracting investments. The project, which provides 1100 job opportunities, has an investment cost of 1210 billion Syrian Pounds, thereby making the investment cost of all the enlisted projects for this year reach 1289 billion Syrian Pounds.
The Director General of the (SIA) Eng. Hala Ghazal made it clear that since the beginning of the crisis in Syria, the agency has spared no effort to continue its activities.
She added that the number of investment projects plummeted as a result of the extraordinary circumstances Syria has been facing, but the country continued to receive applications for investment despite the heinous and unjust global aggression against Syria and the destructive acts which targeted the state’s public and private properties and infrastructure.
Ghazal pointed out that the first report on direct foreign investment in Syria is due to be issued within the coming few days noting that the SIA, in cooperation with other partners, is currently reviewing and updating the investment blueprint which is to incorporate developmental, educational, social, economic and legal information about Syria and show the country’s multiple resources and industrial cities.
Ghazal stressed that the map aims at furnishing investors with necessary information on the investment policy and helping them choose and set up their investments confidently.
According to Ghazal, the map includes a database that was translated into 13 languages to guide investors, researchers as well as decision and policy makers. This base includes data for 382 public investment opportunities in all sectors nationwide, 18 private investment opportunities in addition to the innovation licenses in every province.
Ghazal described investment outside industrial cities as necessary to medium-sized projects, stressing that the Syrian government takes this issue into consideration.
She clarified that in one of its decisions, the government called for supplying industrial zones in different provinces with the same facilities and franchises provided to the country’s big industrial cities, particularly as the studies and the investment map of 100 industrial zones had been made.
She pointed out that the SIA is currently deliberating a draft law that provides for organizing investment taking into consideration the current challenges.
Ghazal added that this draft law encourages investment and development sectors, urges setting-up a unified higher investment council which combines the tasks of the higher investment council and the higher tourism council. The bill also emboldens the reactivation of partnership between the private and public sectors, she said.
Rawaa Ghanam