SP 2.2 Bln for Industrial Investment in 2013

The investment credits for the next year has decline to the half in harmony with the government’s plan to rationalize the investment and production expenditure according to the basic needs of citizens and ensure the necessary production plans in the government and private sectors taking into consideration the foreign economic pressure whereas the credits of the investment plan decreased to SP 2, 2 bln,

a source at Industry Ministry said.

Director of Planning at the Industry Ministry, Reem Hilli, said that the Chemical Establishment is number one as for its allocations of credit which estimated at SP 498 mln, the Engineering Establishment SP370 mln, the General Establishment of Cement SP 240 mln SP, the Cotton Establishment SP 210 mln , the Sugar Establishment SP 160 mln, the Establishment of Tobacco 140 million SP and the Food Industries SP 113 mln.

Hilli said that 11 million SP was allocated to the Central Administration, SP 13 mln to the Training Directorate, SP 72 mln to the Industrial Tests and Researches Centre and SP 9 mln to the Standardization and Measuring Commission.

New Enterprises    

 The most important projects to be implemented the next year are a Technical Centre for Textile with a total cost estimated at SP 10 mln, a project for producing and refining olive oil in cooperation between the Food Industries and the Venezuelan side.

The Engineering Establishment is planning to implement five enterprises in 2013. The Solar Energy Project, developing telephone cables, constructing buses and lorries, producing electric meters and producing the components of cars.

The establishment intends to set up the phosphate fertilizer factory in addition to the flat glass project, SP 160 mln allocated to complete the project.

The General Establishment of Cement Industry has an investment plan to complete the economic unity project, whereas SP 8 mln allocated for this purpose.

A project for building Tartous Tobacco new warehouses with an amount estimated at SP 50 mln.

The next investment plan for the Cotton Establishment is to complete the project of training and rehabilitation, the new Raqqa Cotton Grin and setting up a new grin at al Hassaka, Hilli said.

Six new projects at the level of establishments to be implemented the next year, Hilli added.

For its part, Industry Ministry assured that the implementation rate of the investment plans hasn’t exceeded 7% of the total investment credits allocated for the current year which estimated at SP 5,3 bln..

Searching for Partnership:       

The Director of the General Establishment of Engineering Industries, Suheil Sa’d, talked about his establishment’s plan and the allocated credits for the investment projects estimated at SP 312 mln .

It is worthy noting, that in harmony with the available potentials and the current crisis in Syria, the next phase imposes on all to take interest with the economic question and search for the best means to facilitate setting up and financing investments. This step should be taken in cooperation with the economic and industrial activities to pass private legislations and ensure the legal structure that control partnership to develop national industry including the public, private and joint sectors.

SH/KH