Economists: Suspending sanctions on Syria is a step towards economic recovery

The Syrian government is making great efforts to lift economic sanctions on the country, which culminated in the European Union suspending some of them in the energy, transportation, agriculture and banking sectors, which will contribute to improving the economic situation in general, while seeking to remove all sanctions due to their negative impact on the Syrian people.

Economic expert Dr. Mohammad Kousa clarified in a statement to SANA that suspending sanctions represents a step in the right direction towards returning economic life to the country, moving the wheel of production and introducing advanced industries and modern technologies at all levels, in addition to returning trade exchange operations and facilitating the movement of money and goods without additional burdens imposed by the sanctions.

Kousa indicated that the energy sector will witness a noticeable improvement in terms of gradually returning to work, and repairing its damaged facilities, by securing spare parts and requirements for its expansion and supplying it with petroleum derivatives, especially power generation stations, and thus providing gasoline and diesel for various means of transportation and production, which will reflect in reducing the total costs of producing goods and services, and thus prices decrease and the purchasing power increases.

In turn, Dr. Amer Kharboutli believed that the banking and economic sector would be positively affected by the suspension, in terms of opening the way for foreign investors to enter the Syrian market, which enhances the business environment and encourages investment after 14 years of suspension, due to wrong economic practices during the rule of the former regime.

He noted that there are high investment opportunities in various sectors, including infrastructure, manufacturing and extractive industries.

Dr. Kharboutli pointed out the necessity of returning frozen funds outside the country for the benefit of the new government, due to their importance in supporting all economic sectors, including agriculture, industry and services, which will contribute to improving the freedom of foreign trade transactions (import and export).

For his part, Risk Management expert Maher Sanjar clarfied that suspending sanctions on strategic sectors such as transportation, banking and energy, including oil, gas and electricity, has positive effects on various sectors, due to its connection to them and to achieving sustainable development, as these sectors employ a large number of workers, which means supporting the current government in fulfilling its role in social responsibility and respecting human rights.

Dr. Sanjar considered the suspension decision to be evidence of the European Union’s determination to support the Syrian infrastructure, and to establish new, clear relations based on sound foundations, and the selection of these sectors is an encouraging incentive for the rest of the countries outside the European Union system, such as the UK, Switzerland and the US, to suspend or cancel the sanctions imposed by them as well.

Regarding the importance of the decision on investment movement, the expert, Sanjar said: There is no doubt that it will encourage investment in the long term, but it should be noted that investment in Syria is not only related to these mentioned sectors, and there is a complete Syrian investment map that will be the gateway to these sectors.

Raghda Sawas