A Fund for Supporting Small and Medium-sized Enterprises




DAMASCUS, (ST)_ The representatives of the Ministries of the Economy and foreign Trade, Industry, Agriculture, Tourism, "al-joda" group for studies as well as other representatives of the private and public sectors have recently discussed a draft decree on establishing a fund for supporting the small and medium-sized enterprises.

For his part, Dr. Rashad al-Isseh, the deputy of the Economy and Foreign Trade Minister said as concerns the Syrian economic system, it has multiple resources and depends on economic pluralism, since there are a public sector in Syria which supervises key strategic sectors , as well as the private and joint sectors which participate in most economic fields.

"However, currently there is an inclination towards reactivating the activities of the small and medium- sized enterprises with the purpose of supporting Syria's economy in facing global conspiracy and encountering all forms of unjust siege and sanctions, which target Syria's economic and trade stability." al- Isseh added.

He clarified the draft decree is of great importance in bolstering the small and medium-sized enterprises' pioneering role  in developing  the economic sector, reducing unemployment, creating  job  opportunities and improving the living standards.

Al- Isseh presented the Ministry's vision relating to the fund's process and the mechanism of cooperation and coordination among bodies concerned, stressing the Ministry's readiness to tackle obstacles that may face the fund's activity.

He made clear that the small and medium- sized enterprises are less affected by any crisis that may face any economy, so they are able to cope with any circumstances.

For their part, the representatives of the private and public sectors highly appreciated the step of establishing the fund to pave the way for them to implement more production projects in all domains

They clarified  that the success of any kind of projects depends mainly on the availablity of raw materials, and Syria is very rich in this regard; so Syria was and is still able in withstanding any measures that aim at collapsing Syria economically.

Supporting the small and medium sized enterprises by the fund will take part in attaining self-sufficiency and supplying the state treasury as well as the Gross state product (GSP).

They pointed out that the Syrian economy depends basically on the sectors of industry and agriculture which form the main basis of the economic progress, stressing the necessity of exerting utmost efforts to make Syria's economy more prosperous.

The representatives stressed the need for making use of the available national expertise and potentials .

Rawaa Ghanam





Solutions to Support Small and Medium Enterprises

 DAMASCUS, (ST)- Minister of Economy and Foreign Trade Mohamad Zafer Mahbaq met in Damascus a delegation representing the administration of the Syrian Business Centre (SBC). The two sides discussed the possible practical and scientific solutions to support small and medium enterprises to enhance the economic development in Syria.

     They also debated means of benefiting expertise of the SBC to support those enterprises through improving their efficiency, competitive potentials, developing local consultations, ensuring the long- and medium term finance and encouraging exports.

Mahbak called for investing all expertise and available local capabilities in Syria in a perfect way, particularly as for the enterprises which contribute to reducing the rate of unemployment, assuring the need to promote the work of the economic establishments.

Chairwoman of the Executive Bureau of the SBC, Nuha Shaq, and her Deputy Chairman George Qattini presented a comprehensive review concerning the projects being carried out by the SBC and the services offered to the business sector in Syria.

The services offered by the SBC include the technical aid to enhance and promote the Syrian product inside the country and abroad, administrative training, business consultations, building capabilities and forming the economic, industrial and commercial policies.

The SBC adopts creative ways and techniques of offering services according to the needs to achieve its goal represented in increasing the competitive capability of the SBC, helping the business establishments to enter the international markets and supporting the business sector through increasing the number of new establishments.      



Increased by 4%, Syria 's Budget for 2013 is 1383 Billion SY Pounds




DAMASCUS,(ST)_ " The state budget for the fiscal year 2013 totaled 1383 billion  Syrian Pounds, representing an increase of 4 percent over the  budget of  2012," according to a Cabinet meeting held yesterday , chaired by prime minister Wael al-Halqi.

 The Cabinet also approved the government's statement on the draft general budget for the fiscal year 2013.

The Government financial statement focused at the negative effects caused by the economic sanctions imposed on Syria, aiming at the destruction of the Syrian economy.

 "The current expenditure in the State 's general  budget for 2013  is estimated  at  1108 billion Syrian Pounds, representing an increase of  16 percent compared to  the figures of 2012, " said Finance Minister, Dr.  Muhammad Al-jleilati in a statement to reporters, following the meeting.

 "The most important reasons for the increase of  current expenditure are due to increase  of salaries and wages from 209 billion pounds in the  last budget to 236 billion pounds,  as a result of creating  some  36 thousand jobs,  and  food subsidies provided to Syrian citizens, which was increased from 386 billion pounds to 512 billion Syrian pounds for 2013", the minister said.

T. Fateh





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