Latest news with #SyriaReconstruction
Arab News
3 days ago
- Business
- Arab News
Syrian minister says lifting of economic sanctions offers hope for recovery
DAMASCUS: The lifting of economic sanctions on the Syrian Arab Republic will allow the government to begin work on daunting tasks that include fighting corruption and bringing millions of refugees home, Hind Kabawat, the minister of social affairs and labor, told The Associated Press on Friday. Kabawat is the only woman and the only Christian in the 23-member cabinet formed in March to steer the country during a transitional period after the ouster of former President Bashar Assad in December. Her portfolio will be one of the most important as the country begins rebuilding after nearly 14 years of civil war. She said moves by the US and the EU in the past week to at least temporarily lift most of the sanctions that had been imposed on Syria over the decades will allow that work to get started. Before, she said, 'we would talk, we would make plans, but nothing could happen on the ground because sanctions were holding everything up and restricting our work.' With the lifting of sanctions, they can move to 'implementation.' One of the first programs the new government is planning to launch is 'temporary schools' for the children of refugees and internally displaced people returning to their home areas. Kabawat said that it will take time for the easing of sanctions to show effects on the ground, particularly since unwinding some of the financial restrictions will involve complicated bureaucracy. 'We are going step by step,' she said. 'We are not saying that anything is easy — we have many challenges — but we can't be pessimistic. We need to be optimistic.' The new government's vision is 'that we don't want either food baskets or tents after five years,' Kabawat said, referring to the country's dependence on humanitarian aid and many displacement camps. That may be an ambitious target, given that 90 percent of the country's population currently lives below the poverty line, according to the UN. The civil war that began in 2011 also displaced half the country's pre-war population of 23 million people. The UN's refugee agency, UNHCR, estimates that about half a million have returned to Syria since Assad was ousted. But the dire economic situation and battered infrastructure have also dissuaded many refugees from coming back. The widespread poverty also fed into a culture of public corruption that developed in the Assad era, including solicitation of bribes by public employees and shakedowns by security forces at checkpoints. Syria's new leaders have pledged to end corruption, but they face an uphill battle. Public employees make salaries far below the cost of living, and the new government has so far been unable to make good on a promise to hike public sector wages by 400 percent. 'How can I fight corruption if the monthly salary is $40 and that is not enough to buy food for 10 days?' Kabawat asked. Syria's new rulers, led by President Ahmad Al-Sharaa, have been under scrutiny by Western countries over the treatment of Syrian women and religious minorities. In March, clashes between government security forces and pro-Assad armed groups spiraled into sectarian revenge attacks on members of the Alawite sect to which Assad belongs. Hundreds of civilians were killed. The government formed a committee to investigate the attacks, which has not yet reported its findings. Many also criticized the transitional government as giving only token representation to women and minorities. Apart from Kabawat, the Cabinet includes only one member each from the Druze and Alawite sects and one Kurd. 'Everywhere I travel … the first and last question is, 'What is the situation of the minorities?'' Kabawat said. 'I can understand the worries of the West about the minorities, but they should also be worried about Syrian men and women as a whole.' She said the international community's priority should be to help Syria build its economy and avoid the country falling into 'chaos.' Despite being the only woman in the Cabinet, Kabawat said 'now there is a greater opportunity for women' than under Assad and that 'today there is no committee being formed that does not have women in it.' 'Syrian women have suffered a lot in these 14 years and worked in all areas,' she said. 'All Syrian men and women need to have a role in rebuilding our institutions.' She called for those wary of President Al-Sharaa to give him a chance. The West has warmed to the new president — particularly after his recent high-profile meeting with US President Donald Trump.
Khaleej Times
3 days ago
- Business
- Khaleej Times
Syria welcomes Japan's decision to lift sanctions on four banks
Syria has welcomed Japan's decision to lift sanctions and unfreeze assets on four Syrian national banks, calling it a 'positive step' toward the country's economic recovery and reconstruction. Japanese broadcaster NHK World-Japan had reported that its government had decided to partially lift sanctions that had been imposed on Syria. As part of the move, sanctions were lifted on The Industrial Bank, Popular Credit Bank, Savings Bank and Agricultural Cooperative Bank. In a statement issued on Friday, the Ministry of Foreign Affairs and Expatriates said the move to ease restrictions would help bolster financial and economic cooperation between the two nations. 'This decision is a step in the right direction toward achieving stability and prosperity, and advancing Syria's reconstruction process,' the statement said. It added that the lifting of sanctions will facilitate the implementation of development projects across various sectors and help alleviate the hardships faced by the Syrian people. "Syria hopes that this step will pave the way for further openness and constructive cooperation with friendly Japan, based on mutual respect and common interests," it further said in the statement. On May 24, the United States lifted comprehensive economic sanctions on Syria on Friday, marking a dramatic policy shift following the end of Bashar al-Assad's regime and opening the door for new investment in the war-torn country.
Reuters
4 days ago
- Business
- Reuters
Turkish firms see promise and peril in sanctions-free Syria
ISTANBUL, May 29 (Reuters) - Turkish companies see big opportunities in neighbouring Syria as a lifting of U.S. sanctions clears the way for investment in post-war reconstruction, but they remain wary of challenges, from lingering insecurity to banking and tax headaches. President Donald Trump's decision to end long-standing restrictions that severed Syria from the global financial system under former President Bashar al-Assad is seen as a lifeline for a nation decimated by 13 years of war. Construction, transportation and manufacturing firms from Turkey - a close ally of Syria's new administration after backing anti-Assad rebels - are poised to play a major role in repairing the damage, which the U.N. estimates at nearly $1 trillion. "The lifting of sanctions was just an urban legend, rumours for a time. But with Trump's announcement, everything has suddenly changed," said Omer Hot, a director at Istanbul-based Formul Plastik. Syria's Finance Minister Yisr Barnieh has called his country "a land of opportunities" and said the government plans to overhaul the tax, customs and banking systems to foster foreign investment and facilitate donor funding pledges. Interviews with officials from two dozen Turkish companies reflect both optimism over the potential of a previously sealed off market with vast needs and caution over rushing investments in a country where even money transfers can be difficult and banknotes scarce. Formul Plastik has received the first plastics orders from Syria, Hot told Reuters. He estimated that Turkish companies could end up with a quarter of Syria's reconstruction pie. But he is already facing hurdles. "Rather than banks, there are brokers such as exchange bureaus that mediate trade payments. This model will have to be used for now," Hot said. Other Turkish companies at the Buildex construction materials expo in Syria's capital Damascus this week said demand from Syrian counterparts was very high, even as they listed worries over tax rates, customs snarls and creaking transport infrastructure. "We are taking a calculated risk, let's say," said Burak Serim, regional export manager at construction materials producer Entegre Harc. In the wake of Assad's December ouster and the establishment of a government under new President Ahmed al-Sharaa, Turkey is already feeling economic benefits. Ankara has pledged to help rebuild Syria's economy, including by providing natural gas. And Ziraat, Turkey's top state bank, told Reuters it would step in to support its banking sector when conditions are right. Turkish firms Kalyon GES Enerji Yatirimlari and Cengiz Enerji are set to expand Syria's power grid under a new deal. Syria's trade with the rest of the world all but dried up during the war. But Turkish exports to its neighbour were up 37% year on year in the first four months of 2025, official data show. In an indication of its gaping needs for construction materials, Syrian imports of Turkish machinery more than tripled and non-ferrous metals doubled. Glass and ceramics were up 73%. Pledges of financing have, meanwhile, come in from wealthy Western nations, multilateral donors, and the likes of Saudi Arabia and Qatar. But for the most part, those are still largely promises. And Turkish company managers voiced concern there may not be enough for all the roads, bridges, dams and power plants that must be rebuilt. Syria's economy shrank dramatically during the war years. And with over 90% of its 25 million people now living below the poverty line, according to U.N. agencies, the government has scant resources. Volkan Bozay, chief executive of the Turkish Cement Manufacturers' Association, told Reuters that much hinges on which lenders finance the reconstruction projects but added that Turkish companies would play a major role no matter what. "It is out of the question that we will not take advantage of the opportunities," he said. Beyond construction, Turkish manufacturers are also eyeing Syria as a possible hub for low-cost production. "Lower production costs in Syria are an advantage," said Ahmet Oksuz, a board member at Turkish textile manufacturer Kipas. "But Turkish and Syrian authorities should coordinate to establish organised industrial zones that will ensure entirely safe areas for manufacturers," he added. Questions of security in a country still awash with arms where the new central government wields only tenuous control remain at the top of the list of concerns for many would-be investors. Hakan Bucak, former Turkish-Syrian business council board director, said Syria will likely need six months to ensure security and set up bureaucratic systems. "Security risks should be fully eliminated and investors need to feel it," said Bucak, who is already looking to open a quarry near the northern Syrian city of Aleppo. "If we feel safe, we have plans to invest."
Zawya
4 days ago
- Business
- Zawya
Minister reiterates Jordan's commitment to Syria's reconstruction
AMMAN — Public Works and Housing Minister Maher Abul Samen on Wednesday reiterated Jordan's support for Syria's reconstruction efforts. During a meeting with Syrian Engineers Syndicate President Malek Haj Ali, Abul Samen highlighted His Majesty King Abdullah's directives to provide all possible assistance in supporting Syria's recovery, according to a ministry statement. The minister noted that Jordanian sectors, particularly engineering and consultancy, are ready to extend support and establish strategic partnerships with Syrian counterparts to contribute to the reconstruction of infrastructure and development projects. He stressed the extensive expertise and competence of Jordan's engineering and contracting sectors, calling for the utilisation of these capabilities in upcoming Syrian reconstruction initiatives. For his part, Haj Ali expressed appreciation for Jordan's continued support, noting the severe damage inflicted on both public and private infrastructure in Syria. He also highlighted Syria's interest in drawing on Jordanian experience during the reconstruction phase. Also on Wednesday, the Jordan Engineers Association (JEA) signed a Memorandum of Understanding (MoU) with its Syrian counterpart, aimed at enhancing cooperation in engineering, vocational and scientific fields. The MoU was signed by JEA President Abdullah Ghusheh and his Syrian counterpart in the presence of representatives from both associations. As part of the partnership, JEA is preparing a comprehensive study to identify potential opportunities for engagement in Syria. The study covers areas such as urban planning, sustainable urban development and housing strategies, with a focus on meeting the needs of returning residents and ensuring efficient use of resources and space. It also addresses the rehabilitation of key infrastructure sectors, including energy, water and sanitation, electricity, transportation and roads, all considered essential for economic recovery and the restoration of daily life in affected areas, according to the statement. The study also includes the rehabilitation of historic and heritage buildings to preserve the architectural and cultural identity of Syrian communities, while ensuring their structural safety and integration into modern urban planning frameworks. Another key focus of the roadmap is enhancing governance and risk management by strengthening engineering institutions and community-based organisations, thereby enabling more flexible and effective oversight of reconstruction projects and improving preparedness for future crises and emergencies. To oversee the implementation of the memorandum and ensure coordinated efforts, a joint committee will be established, according to the statement. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Arab News
6 days ago
- Business
- Arab News
Jordan eyes new economic partnership with Syria during official visit
DAMASCUS: The Jordan Chamber of Commerce has used a visit to the Syrian Arab Republic to lay the groundwork for a renewed economic partnership, with a focus on deepening cooperation and supporting Syria's reconstruction and economic recovery. During an official visit to Damascus on Monday, Senator Khalil Al-Haj Tawfiq, head of the Jordanian delegation, said his country was mobilizing its capabilities and private sector expertise to aid Syria's economic development, the Jordan News Agency reported. The JCC held talks with the Federation of Syrian Chambers of Commerce to explore collaboration across key sectors, including trade, transport, logistics, agriculture, industry, food, banking and shipping. The two sides agreed to draft a comprehensive road map to guide future cooperation, with an emphasis on investment, joint ventures and reconstruction initiatives. 'Our delegation seeks to launch a new phase of economic cooperation that serves both countries' interests,' Tawfiq said. 'We are committed to facilitating trade and transport and enhancing private sector engagement to support Syria's path forward.' The Jordanian delegation, comprising leaders from the commercial and service sectors, will also hold a series of meetings with Syrian officials and business representatives over three days. The talks aim to revive the Jordanian-Syrian Joint Business Council and set the stage for an upcoming economic forum in Amman. FSCC President Alaa Ali welcomed Jordan's support, highlighting the strong historic ties between the two countries, the report said. He called for boosting product competitiveness and reevaluating trade agreements, particularly in light of recent moves to ease international sanctions on Syria. Ali praised the recent signing of a memorandum of understanding between the Jordanian and Syrian governments to establish a Higher Coordination Council, describing it as a vital step toward enhanced economic integration. The visit was coordinated with Jordan's Ministry of Foreign Affairs and the Jordanian Embassy in Damascus and marks a significant step toward rebuilding economic bridges between the two neighbors.
