Armenian Economic Delegation Inspects Investment Opportunities in Syria

Damascus,(ST) - During the meeting held here  between the Armenian economic delegation chaired by Armenian Minister of Economic Development and Investments,Surin Karayan, and the Director General of the Syrian Investment Authority Dr. Enas al –Umawi, the two sides discussed the investment opportunities available in the Syrian governorates and the procedures required by the Armenian investor and facilities and the support provided by the Syrian Investment Authority to overcome obstacles to its work.

Dr. Al-Umawi presented to the delegation the required stages of the investor to obtain the licenses and the mechanism of the contract and the transfer of funds and services provided by the Authority to the investor and the post-investment period, in addition to the legal aspect of investment in Syria and the advantages that the Armenian investor can get it to "import all its needs without preventing and restricting imports as well as exempting them from customs duties.”

The Umayyad explained the advantages of tax discount and guarantees that the investor can benefit from them, such as allowing him to own, rent land and real estate, introduce his machines and grant work permits, pointing to the increase in the investment movement in Syria recently, where there are 53 investment projects since the beginning of 2017.

For his part, the head of the Armenian delegation askedfor all the details of the current investment projects in Syria, especially the infrastructure, to be presented to the Armenian Government Investment Authority on his return, to be interviewed with the industrialists and investors of Armenia, expressing his hope for increasing cooperation in the economic and investment area.

M. Karayan proposed organizing an investment forum on the sidelines of the joint committee of the two countries, which was agreed upon during a meeting with the Minister of Economy and Foreign Trade Dr. Mohammed Samer Al-Khalil.

It is worth mentioned that Syria and Armenia signed a number of agreements during the past years, including an agreement on economic, scientific and technical cooperation, land and air transport agreement for passengers and goods, cooperation agreements in the agricultural field, internal resources, tourism, telecommunications, information services, avoidance of double taxation, and assistance in customs affairs and organizing mutual exhibitions ".

The visit of the Armenian delegation to Syria to discussed possibilities of cooperation and access to investment opportunities available and the possibility of establishing Armenian investments in Syria during the next phase.