Finance Minister: Supporting the Industrial Sector, Developing its Capabilities

 DAMASCUS, (ST) – Members of the General Authority of the Damascus Chamber of Industry discussed on Saturday at the Sheraton Hotel in Damascus a number of issues related to the protection of national industry, solving the problem of non-performing loans and ways of providing facilities and support to existing industrial establishments and rehabilitation of affected establishments.

  The Minister of Finance, Dr. Mamoun Hamdan, affirmed the government’s readiness to provide support and assistance to the industrial sector in order to develop its capabilities in view of its economic role in achieving the highest possible percentage of added values on primary products, labor force and ensuring the needs of the local market. The Minister highlighted the capabilities of industrialists and their steadfastness despite all the difficulties facing them.

 Mr. Hamdan called on industrialists to contribute to promote the spreading of tax culture in parallel with the Ministry’s efforts to develop the tax administration and submit their correct financial statements and real profits to reduce tax rates. He stressed that the government is working hard to combat smuggling, which requires industrialists to cooperate with the government in this field.

 The Minister said that the Damascus International Fair, which will be held next August, is an opportunity for industrialists to prove their capabilities and market their products and promote them through the exhibition.

 The Minister of Finance revealed the existence of an item on the agenda of the government at its next meeting concerning the provision of operating loans to the affected enterprises for re-operation, calling on industrialists and businessmen to assist the government in finding channels of financing for industrial enterprises and the formation of investment companies .

 For his part, the Chairman of the Board of Directors of the Industry Chamber, Samer Aldebs, stressed the keenness of the Board of Directors to overcome the obstacles encountered by the industrialists through their continued cooperation with the relevant authorities and the government, which led to the issuance of several laws and important decisions in order to deal with the consequences of the crisis experienced by the country and the accompanying foreign economic sanctions which badly affected the national economy, particularly the industrial sector.

 He also reviewed the laws and government decisions that were issued to assist industrialists in terms of exemptions from social insurance fees, facilitating the import of raw materials, granting import licenses, canceling the import duty, extending the validity of importation of human medicines, exempting imported production lines for industrial establishments from imported customs duties to help industrialists for the continuation of industrial production.

 Mr. Aldebs pointed to the work of the chamber to market and discharge industrial products inside and outside Syria, including organizing monthly marketing festivals in Syria, preparing for active participation in the next session of Damascus International Fair and supporting the participation of industrialists in many exhibitions held inside and outside the country and promoting economic cooperation.

 Sh. Kh.