Despite Sanctions, Syria Will Remain Strong

 

 

 

DAMASCUS, (ST)_ The European Union (EU) recently introduced a new set of unjust economic sanctions against Syrian economy, not to mentions the billions of Syrian Pounds losses because of the ongoing foreign-backe dterrorist attacks targeting the syrian economy.

  Electricity Minister Imad Khameis said losses of the electricity sector are estimated at 10 billion pounds.

 However, he said that although the sector has been targeted by armed groups, it is able to supply electricity to most of Syrian cities and towns.

Khameis added that by 2015, the ministry would put to service four projects for power generation to cover the market's needs.

 Syrian Oil Minister, Said Hneidi, said the size of damage at the oil establishments stood at 5 billion SY Pounds; adding that losses because of halting oil exports totaled 200 billion pounds.

 The minister noted that the crisis and the unfair economic sanctions have closed down the implementation of some oil and gas projects, mainly a petroleum refinery project at al- Faraklos area in central Syria that is capable of processing 150, 000 barrels a day.

 Syrian Transport Minister Mahmoud Said earlier told al- Thawra newspaper that the crisis has caused big but not huge losses in the transportation sector, noting that the losses amounted to 3.25 billion Syrian pounds.

 Syrian Deputy Prime Minister for the Services Affairs, Omar Ghalawenji, said the government has allocated billions of Syrian Pounds to compensate for the damage caused to private properties because of terrorist acts all over the country that have caused big losses in all the business sectors.

 Ghalawenji's remarks, recently made during a cabinet meeting, indicate that the government is still solid and capable of improving its own economic situation and compensating for losses.

 

 Syria Times

 

 

 

Syrian–Russian Economic and Geopolitical Cooperation Center

 

 

 

Within the framework of the Government's new drives and orientations towards strengthening Syria's relations with friendly countries, the People Assembly is due to discuss a draft law which provides for ratifying an agreement on establishing a Syrian-Russian business centre for financial, technical, scientific, economic and geopolitical cooperation.

The agreement was signed on 3rd of last August in Moscow between the Syrian Ministry of Economy and Foreign Trade and the International Centre Of Geopolitical Analysis And Trade Cooperation in Moscow.

The agreement provides for offering all kinds of support to carry out Russian projects or joint enterprises due to be implemented in Syria with the aim of bolstering the Syrian–Russian technological cooperation, the agreement requires consolidating the activities of the productive, technical, and scientific establishments which work in conformity with the Syrian partners' goals and Priorities. It also requires the enhancement of investment climate.

According to the second item of the agreement, the Syrian –Russian business centre will support all domains of joint interest, including energy, infrastructure, communication, IT, medicines, food stuff and chemical industries in addition to environment, transport and tourism.

According to the agreement, the two sides agreed on making use of services offered by "Vladikom" Bank in Moscow.

In the meantime, Syria and Russia discuss the possibility of establishing a Syrian-Russian joint bank with the purpose of financing the projects and economic activities due to be implemented in Syria or Russia.

The signed agreement provides for establishing a guidance committee which includes representatives of Syrian and Russian public and private sector parties.

The committee's task is to deal with the centre's administrative measures including the list of employees, expenses and the maintenance budget.

 

Rawaa Ghanam

 

 

 

Water System Damages in Homs Fixed at a Cost of 44 Million SYP

In parallel with acts of killing, abduction and threats against the Syrian citizens  all over the country, the   armed terrorist groups also targeted  state owned enterprises and  the service sector enterprises. The terrorist groups destroyed communications towers, electricity reservoirs, oil pipelines, railways lines, and irrigation systems and potable water wells.

The largest share of these attacks goes to Homs, where damages on  dams, irrigation systems, drinking water wells and service cars of the water resources directorate in Homs ,  caused by terrorists attacks was estimated at 44 million Syrian pounds.

 However, the directorate's efforts are mobilized  to carry out instant  repair and maintenance works for the main water canal of Homs – Hama irrigation system, through fixing  damages resulted from attacks carried out by terrorists and mercenaries.

 

Syria Times

CBS Governor: Sufficient Reserve Cash Available

DAMASCUS, (ST)_ Dr. Adib Mayaleh, the Governor of the Central Bank of Syria (CBS), denied media reports that the bank instructed exchange offices to stop selling foreign currency until a further notice.

  Mayaleh, in a statement to SANA, confirmed that CBS had sufficient reserve cash to meet the needs of the country, maintain exchange rate of the Syrian Pound.

 Dr. Mayaleh added that the bank is covering the needs of the commercial and non-commercial market.

 

Ibrahim Zaaboub

Draft law for GFFA

DAMASCUS-(ST), Director of the General Foundation of Free Areas (GFFA) has recently assured that the foundation is working to issue a draft law of free areas. The goal of this law is to overcome obstacles hindering the process of investment. The draft is being studied by the economic committee at the Cabinet.

 The draft law focuses on giving the industrial activity in free zones added features particularly high- tech industries, that don't exist in Syria, to achieve integrity with local industry in Syria.

 

"The GFFA seeks to set up private free areas, particularly specialized ones, such as information, medical or industrial cities," the director pointed out.

 

 

Sh/ Kh