5 days ago
Lifting sanctions important step to attract investment to Syria: Al Kar
QNA
Damascus
Chairman of the Aleppo Chamber of Commerce Mohammad Said Sheikh Al Kar said that the US administration's decision to lift sanctions on Syria is a positive and important step economically, attracting domestic and foreign investment into the country, despite ongoing challenges and uncertainties.
Al Kar said that comprehensive economic recovery in Syria still requires deep reforms, infrastructure rehabilitation, and activating regional partnerships, especially in the fields of energy, transportation, and banking.
He pointed out that US sanctions imposed over the past decades directly and indirectly targeted the Syrian people and exhausted key economic sectors including industry, agriculture, trade, and services.
The chairman of the Aleppo Chamber of Commerce highlighted Syria's substantial economic potential and the diversity of its economy, possessing a strong industrial sector and strategic crops and raw materials, such as cotton, wheat, and olive trees. He also noted Syria's rich commercial heritage and its exceptional geographic location linking three continents, serving as Asia's gateway to the Mediterranean. Moreover, Syria's cultural, religious, and natural heritage makes tourism a promising sector for supporting the national economy.
Despite his optimism regarding the lifting of sanctions, Al Kar acknowledged that major challenges persist, especially securing energy resources. He said the legacy of the previous regime left behind a devastated infrastructure, particularly in the electricity sector, where power stations require comprehensive maintenance and transmission lines need full rehabilitation.
He pointed out that Aleppo Industrial City - Sheikh Najjar includes around 2,000 factories, with more than 400 of them having resumed operations. These facilities are in urgent need of electricity to restart production lines, adding that the economy will not pick up the pace unless this fundamental issue is addressed.
Regarding the sectors most ready to benefit from the lifting of sanctions, Al Kar explained that all sectors were severely affected by the war and accumulated sanctions, thus requiring reinvestment and restructuring. In agriculture, he called for interest-free loans for farmers and the cancellation of accumulated debts through the Agricultural Cooperative Bank to help them resume production. In the transport sector, he emphasized the need to rehabilitate roads, build highways, and develop port and dry port infrastructure.
On the telecommunications front, the Chairman of the Aleppo Chamber of Commerce stressed the importance of integrating Syria's telecommunication network with global systems to provide suitable internet speeds that can support maritime, air transport, and logistics services. He also noted that the energy sector is still in its early stages and needs to be rebuilt from the ground up, including infrastructure, resources, and project financing.
Regarding Syria's foreign investment legal framework, Al Kar said that the government is working to create favorable conditions to attract capital. He added the Ministry of Economy has established direct communication channels with economic stakeholders to amend any law or decree that hinders commercial or industrial activity. Al Kar also pointed to a newly issued decision that exempts new investments from taxation for two years, demonstrating flexibility and official responsiveness to investor needs. He said relevant authorities are keeping pace with necessary development plans to attract both Arab and foreign investments.
In response to a question about the role of Gulf banks in the coming phase, Al Kar praised the states of the Arabian Gulf, particularly Qatar, for standing by the Syrian people over the past years and providing vital support throughout different period. He added that their deep understanding of the Syrian market and their trust in the Syrian citizen as an economic actor, will strongly motivate them to return to the Syrian market once the SWIFT system is reactivated.
In conclusion, Al Kar predicted that Gulf banks will play a pivotal role in financing investment projects, particularly in production and the service sector, adding that the lifting of sanctions presents a valuable opportunity for a new start for the Syrian economy, yet recognizing that this momentum will not be realized without international and regional support, along with strategic investments to rebuild essential sectors.
