Economy Minister: Sochi Meetings Achieved Advanced Steps with Russia

SOCHI, (ST) – Minister of Economy and Foreign Trade, Dr. Humam Al -Gezairi underlined that the meetings of the Syrian-Russian Permanent Committee for Economic, Commercial, Scientific, and Technical Cooperation, held recently in Sochi, are very important in establishing a system of a robust economic support to Syria. The meetings also achieved positive results and advanced steps in the foundation for effective economic trade relations and investment with the Russian Federation on the bases of economic and commercial interests of the two countries.

 “The meetings of the Committee dealt with the mechanisms of development of trade exchange and trade finance between the two countries and the facilitation of the entry of Syrian goods to Russia, pointing out that the Syrian-Russian meetings accomplished important steps in identifying strategic and investment projects and ways of financing,” Dr. Al -Gezairi said.

In the framework of trade cooperation, the Minister stated that the Ministries of Economy and Foreign Trade in Syria and the Ministry of Economic Development of the Russian Federation, in cooperation with the customs authorities of the two countries, agreed to establish a fast line of commercial exchange. The line aims at t simplifying customs procedures, reducing the costs of Syrian products to the Russian market, and giving priority to Russian products to enter the Syrian market.

“Trade exchange between the two countries is based on the integration in the basket of goods because the Russian market is in need to many Syrian products including vegetables, fruits, olive oil and textile products, whereas the Russian industry to meet the needs of the Syrian market such as cereals, oils, iron, engineering products and oil derivatives.,” the Minister added.

Dr. Al -Gezairi explained that it was agreed to establish a contact group between the two ministries to communicate and follow the progress of bilateral infra -trade level as well as setting up a Russian consulting window at the Russian Embassy in Damascus supervised by the Ministry of Economic Development of Russia. The window helps to offer advice and assistance to Syrian exporters and organize communication between exporters and importers and distribution networks in the Russian market.

“In the area of investment, it was agreed with the Russian side on the formation of a joint working group that identifies projects of priority, evaluates the economic feasibility and maps out a funding strategy in cooperation with donating financial institutions for credit,”  Dr. Al –Gezairi clarified.

He pointed out that many Russian companies had expressed interest to enter the Syrian market, particularly in the construction and infrastructure sectors.

“During the meetings, we perceived the growing interest and real seriousness at the Russian side in activating economic cooperation and elevating it to the level of political and strategic cooperation, pointing out that the meetings led to significant positive results that will be of great positive effect on the Syrian economy,” the minister noted.

“This round of talks is an important step in the government’s strategy to form a system of protection and robust economic support to Syria in the re-expansion and growth of the Syrian economy and Syrian Industry, indicating that there will be similar steps with Iran, India, China, South Africa and Brazil,” Dr. Al –Gezairi concluded.

Sharif al -Khatib