Latest news with #economiccooperation
Yahoo
5 hours ago
- Business
- Yahoo
Syria and Saudi Arabia agree to boost economic cooperation after Western sanctions eased
DAMASCUS, Syria (AP) — Syria and Saudi Arabia said Saturday they aim to boost economic cooperation to for their mutual benefit and create jobs for Syrians after Western sanctions imposed on the war-torn country were eased earlier this month. The announcement was made during a visit to Damascus by Saudi Foreign Minister Prince Faisal bin Farhan, who met Syrian President Ahmad al-Sharaa and other Syrian officials. The easing of Western sanctions is likely to open the way for foreign investors into the country, where a civil war has been ongoing since March 2011. In early December, 54 years of Assad family rule came to an end, when gunmen opposed to then-president Bashar Assad captured his seat of power in Damascus. The Saudi foreign minister said that the easing of sanctions by the U.S., the European Union and Britain earlier this month will help in 'reactivating the Syrian economy that had been at a standstill for decades.' Prince Faisal, who is heading an economic and business delegation, said Saudi businessmen will visit Syria in the near future to discuss opportunities in sectors including oil, infrastructure, information technology, telecommunications and agriculture. He added that Saudi Arabia and Qatar will give financial assistance to employees of Syria's public sector without giving details. 'We assert that the kingdom will be a leading state among countries that will stand by Syria in its march for reconstruction and economic revival,' Prince Faisal said. Syrian Foreign Minister Asaad al-Shibani said his country and Saudi Arabia have entered a new era of cooperation. The meeting came two days after Syria signed an agreement with a consortium of Qatari, Turkish and U.S. companies for development of a 5,000-megawatt energy project to revitalize much of its war-battered electricity grid. Al-Sharaa met President Donald Trump in Saudi Arabia earlier this month.
Washington Post
6 hours ago
- Business
- Washington Post
Syria and Saudi Arabia agree to boost economic cooperation after Western sanctions eased
DAMASCUS, Syria — Syria and Saudi Arabia said Saturday they aim to boost economic cooperation to for their mutual benefit and create jobs for Syrians after Western sanctions imposed on the war-torn country were eased earlier this month. The announcement was made during a visit to Damascus by Saudi Foreign Minister Prince Faisal bin Farhan, who met Syrian President Ahmad al-Sharaa and other Syrian officials.
Associated Press
6 hours ago
- Business
- Associated Press
Syria and Saudi Arabia agree to boost economic cooperation after Western sanctions eased
DAMASCUS, Syria (AP) — Syria and Saudi Arabia said Saturday they aim to boost economic cooperation to for their mutual benefit and create jobs for Syrians after Western sanctions imposed on the war-torn country were eased earlier this month. The announcement was made during a visit to Damascus by Saudi Foreign Minister Prince Faisal bin Farhan, who met Syrian President Ahmad al-Sharaa and other Syrian officials. The easing of Western sanctions is likely to open the way for foreign investors into the country, where a civil war has been ongoing since March 2011. In early December, 54 years of Assad family rule came to an end, when gunmen opposed to then-president Bashar Assad captured his seat of power in Damascus. The Saudi foreign minister said that the easing of sanctions by the U.S., the European Union and Britain earlier this month will help in 'reactivating the Syrian economy that had been at a standstill for decades.' Prince Faisal, who is heading an economic and business delegation, said Saudi businessmen will visit Syria in the near future to discuss opportunities in sectors including oil, infrastructure, information technology, telecommunications and agriculture. He added that Saudi Arabia and Qatar will give financial assistance to employees of Syria's public sector without giving details. 'We assert that the kingdom will be a leading state among countries that will stand by Syria in its march for reconstruction and economic revival,' Prince Faisal said. Syrian Foreign Minister Asaad al-Shibani said his country and Saudi Arabia have entered a new era of cooperation. The meeting came two days after Syria signed an agreement with a consortium of Qatari, Turkish and U.S. companies for development of a 5,000-megawatt energy project to revitalize much of its war-battered electricity grid. Al-Sharaa met President Donald Trump in Saudi Arabia earlier this month.
Yahoo
6 hours ago
- Business
- Yahoo
Syria and Saudi Arabia agree to boost economic cooperation after Western sanctions eased
DAMASCUS, Syria (AP) — Syria and Saudi Arabia said Saturday they aim to boost economic cooperation to for their mutual benefit and create jobs for Syrians after Western sanctions imposed on the war-torn country were eased earlier this month. The announcement was made during a visit to Damascus by Saudi Foreign Minister Prince Faisal bin Farhan, who met Syrian President Ahmad al-Sharaa and other Syrian officials. The easing of Western sanctions is likely to open the way for foreign investors into the country, where a civil war has been ongoing since March 2011. In early December, 54 years of Assad family rule came to an end, when gunmen opposed to then-president Bashar Assad captured his seat of power in Damascus. The Saudi foreign minister said that the easing of sanctions by the U.S., the European Union and Britain earlier this month will help in 'reactivating the Syrian economy that had been at a standstill for decades.' Prince Faisal, who is heading an economic and business delegation, said Saudi businessmen will visit Syria in the near future to discuss opportunities in sectors including oil, infrastructure, information technology, telecommunications and agriculture. He added that Saudi Arabia and Qatar will give financial assistance to employees of Syria's public sector without giving details. 'We assert that the kingdom will be a leading state among countries that will stand by Syria in its march for reconstruction and economic revival,' Prince Faisal said. Syrian Foreign Minister Asaad al-Shibani said his country and Saudi Arabia have entered a new era of cooperation. The meeting came two days after Syria signed an agreement with a consortium of Qatari, Turkish and U.S. companies for development of a 5,000-megawatt energy project to revitalize much of its war-battered electricity grid. Al-Sharaa met President Donald Trump in Saudi Arabia earlier this month.
Russia Today
2 days ago
- Business
- Russia Today
Eurasian Economic Union will never bully its members
Fair and equitable treatment of all members is the cornerstone of the Eurasian Economic Union (EAEU), Russian Deputy Foreign Minister Aleksandr Pankin has said. The bloc, which currently includes Russia, Belarus, Armenia, Kazakhstan, and Kyrgyzstan, was founded in 2014. Speaking to the Eurasian Dialogue podcast on Thursday, Pankin said the EAEU remains focused on raising living standards and fostering business ties. 'Conflicts are being resolved through genuinely equal dialogue. The EAEU operates on the principle of consensus, meaning that members reach compromises which reflect and serve the interests of all parties. No one benefits at the expense of another,' the diplomat said. 'Nobody is being forced to stay. Everyone understands that within the EAEU, the interests of nations with smaller economies are taken into account more than they would be in any other framework,' he added. 'The EAEU is neither a burden nor a shackle – this is evident from the fact that all members are fully free to trade with other regions. No one is required to limit themselves to autarkic trade within the bloc or to invest only inside it. We do not operate a planned economy with quotas and regional specializations like in the Soviet era. Instead, all members compete with one another in a shared common market,' Pankin explained. According to the Russian Foreign Ministry, the combined GDP of all EAEU members has reached $2.6 trillion over the past decade. The organization has trade agreements with Serbia, Vietnam, and Iran, and is currently negotiating with Mongolia and the UAE. In an interview published by Rossiyskaya Gazeta on Wednesday, Russian Deputy Prime Minister Aleksey Overchuk said that more countries are likely to see the EAEU as 'a safe haven' amid trade wars and rising international tensions.
