Investors and industrialists from Homs: Law 18 secures an investment environment for sustainable development projects

The new Investment Law No.18 for the year 2021, which was issued recently, aims at finding a competitive investment environment to attract capitals, benefit from expertise, expand the base of production, increase job opportunities, and raise the rates of economic growth in a way that positively affects the increase of national income to reach a sustainable development.

According to a number of investors and industrialists in Homs, the new Investment Law No. 18 of 2021 provides an investment environment for sustainable development projects in Syria and a factor that attracts foreign investment, in addition to activating local investment. It contributes to the establishment of successful projects with lower financial and operational costs, and thus lower prices of materials produced for the benefit of consumers.

Head of Homs Chamber of Industry Labib Al-Ikhwan told SANA reporter: “The Chamber issued a detailed explanatory memorandum that includes the advantages and exemptions included in the law to brief investors and industrialists on the new investment environment.”

Al-Ikhwan believes that the law came in response to the conditions of the reconstruction phase and the reintroduction of production. It also  guarantees the rights of investors not to reserve custody except by virtue of a court ruling.

He said: “What concerns us as investors and one of the priorities of our country now is to focus on electric power generation projects, then agriculture and agricultural industries, and here lies the role of the Syrian Investment Authority .

The industrialist, Nabil Al-Qusair, director of Medico Pharmaceutical Industries, noted that the Law 18 provides facilities and attracts capital abroad to invest it locally, referring to the tax facilities that reach for years which creates a real investment environment and sustainable development for many industries that revolve around alternatives to import substitution, which saves a lot on the state treasury.

Dr. Bassam Al-Mansour, director of the industrial city in Hessieh, points out that the new law is a qualitative step in the economic history of Syria and came as a result of diligent and comprehensive work from the government, various relevant authorities and ministries, the Federation of Chambers of Industry, Commerce and Tourism, managers of industrial cities and the Investment Authority.

Industrialist and investor Issam Tizini believes that Law 18 meets the needs of investors in terms of facilities. He asserted that the financial policy must be improved because the investor needs laws that allow him to freely trade and transfer funds within the Syrian market, especially at this stage.

Inas Abdulkareem