Economy Minister: Supporting Prospects of Investment, Small Ventures in Syria

Damascus, (ST) – Minister of Economy and Foreign Trade, Dr. Mohammed Zafer  Mahbaq, has underlined the need to strengthening the role of the Syrian Investment Agency under the current circumstances in the country to boost the reality and the prospects for investment in Syria.

The minister, who recently chaired the Board of Directors of the Investment Authority, told reporters that the investment is the mainstay of the economy in any country and the key to solve problems in different circumstances and challenges related to the fight against poverty and the fight against inflation, unemployment, raise the level of income for citizens and increase the competitiveness of exports, especially in light of the crisis in which we live now.

He pointed to the importance of the transfer of our funds to investments and distributing them to sectors and areas that are in need, confirming that Syria possesses many natural and human resources which require finding the needed formula to activate each of these energies that we have.

He noted that the Investment Authority has a qualified cadre of high experience and good behavior, indicating that the successes achieved by the Authority in the previous period imposed greater challenges to achieve more success stressing the necessity to take advantage of the international experiences and the new economic data, strengthen positive points and overcome point of weakness, innovate solutions to the problems facing the Investment Authority in its work to promote its role  in attracting investments, providing an appropriate environment and directing investments to regions and sectors most in need.

During the first quarter of the current year, the Investment Authority carried out 8 projects, 3 in industry sector only at an estimated cost of about 7. 964 billion Syrian pounds, while in the past year, the Authority carried out 45 projects at a cost of 37. 6 billion Syrian pounds .  The industrial sector won the biggest share of these projects amounted to 26 .

Earlier, Dr. Mahbaq said that there are two projects to support small and micro-projects , the first relates to the current stage and what is going through Syria and the second has nothing to do with the crisis and comes in the context of the organization for the future.

“There are financial surpluses in an international organization for the benefit of the Ministry of Economy, the ministry has proposed a project on how to rehabilitate the damaged  small projects to work.” Dr. Mahbaq stated.

He added: “These surpluses alone are not enough and the ministry has asked several local bodies to support the social idea for this project, most of which are charities in order to ensure jobs that may not be realized in economic or commercial market.”

About the priority in providing support, Dr. Mahbaq clarified that it will be for the least cost projects that employ more workers and specialized in the production of food stuff.

With regard to the second project on the support of small and micro ventures, Dr. Mahbaq explained that the ministry has put forward a draft decree to the Cabinet includes the creation of a public body for small projects that includes ensuring all the opportunities of success for these projects.

Dr. Mahbaq pointed out that the Investment Authority will support any suitable and successful person  in accordance with standards to ensure this success. Dr. Mahbaq  noted that many facilities will be offered to the owners of these projects.

He pointed out that the mechanism of payment to the Fund will be taken of the surplus of the project’s income so that this surplus is enough after a period to finance another project which ensures sustainability and continuity of the work. The proposed Fund’s  capital is 5 billion Syrian pounds whereas coordination will be conducted with bodies concerned  such as the Ministries of Labor, Industry and Agriculture, where The Ministry of Economy has put the mechanism of action of this body.

Sh. Kh.