Cabinet Allocates SP 2 Billion to Support Micro Projects

Damascus, (ST) – During its weekly session chaired by Prime Minister Imad  Khamis, the Cabinet discussed a draft decree to reduce customs duties on raw materials and production requirements for local industries by 50%. After the discussion, th eCabinet approved the draft to be completed by the concerned parties for its issuance.

As part of the government’s plan to expand the development process and launch micro-projects that constitute additional support for the Syrian family in various governorates, the Cabinet has allocated the first installment of financing loans for microenterprises with an initial amount of SP 2 billion.

The Cabinet called on the ministries to communicate with economic figures and the private sector to enhance and expand the circle of participation in the upcoming Damascus International Fair to reflect the true image of the Syrian economy.

In a statement to reporters after the session, Minister of Industry, Ahmed Al-Hamo, said that the decree to reduce tariffs on raw materials and industrial requirements by 50 percent will contribute to the encouragement and revitalization of national and local industry, which will increase exports and thus achieve a competitive opportunity for Syrian products and reduce the import of ready-made materials..

The Minister of Finance, Dr. Mamoun Hamdan, said that the reduction of customs duties on the raw materials is necessary for the local industry and will lead to several results to be touched by the citizen, especially in low prices of products due to lower cost for industrialists and increase exports.

Sh. Kh.