Investment Projects at a Cost of 37.6 Bln SP

DAMASCUS, (ST) – Syria has formed an attractive environment for local and foreign investment and investors continued to make requests in various sectors in spite of the country’s current crisis. In its annual report for 2012, the Investment Association confirmed that 45 investment projects had enjoyed protection at a total cost estimated at 37.64 billion Syrian Pounds.

The projects were distributed as follows: 36 projects in the investment association, seven projects in al –Raqqa governorate and two projects in the industrial cities.
 
The projects included the sectors of agriculture, transportation, oil and industry amounted to 26 projects. The agriculture and transportation sectors came in the second place with 9 projects each, while other sectors included one project, the report said.

 Al- Raqqa governorate topped the list in the number of projects with 9 ones, Deir Ezzour 6 projects, Sweida and Damascus Countryside 5 projects, Latakia, Aleppo and Hasaka 4 projects, Damascus and Daraa two projects, Homs, Hama, Tartous and Quneitra one project.

Foreign investment projects are four at an estimated cost amounted to 23.433 billion Syrian Pounds distributed among a Syrian – Turkish joint venture at a cost of 3.936 billion pounds, a Palestinian project at a cost of  19.250 billion pounds, an Iraqi project at a cost of  19.250 billion pounds and a Jordanian project at a cost of 0.055 billion pounds.

The report of the investment association pointed out that projects under implementation and that were granted industrial, agricultural licenses or a temporary license numbered 10 industrial projects and one agricultural project at a total cost estimated at 85.899 billion Syrian Pounds.

The implemented projects until the end of 2012 amounted to 11 projects concentrated in the agricultural and industrial sectors with a total investment cost of 10.2 billion Syrian Pounds. The share of the industrial sector was 10 projects and the agriculture sector was one project.

It is noteworthy that Minister of Economy and Foreign Trade, Mohammed Zafer Mahbaq, was named as Chairman of the Board of Directors of the Investment Association under the Legislative Decree No. 69 issued in the previous month. The former Chairman of the Board of Directors of the Investment Association was Deputy Prime Minister for Economic Affairs, Dr, Qadri Jamil.

Sh. Kh.