Syrian Foreign Minister Asaad Al-Shaibani revealed at the Davos Forum that Syria will open its economy to foreign investments, and that Damascus is working to establish partnerships with Gulf countries in the energy and electricity sectors.
Al-Shaibani said at the World Economic Forum in Davos, Switzerland, on Wednesday, “Syrian economic resources are diverse and we have many sectors – industry and tourism… Of course, in the future the economy will be open and the way will be opened for foreign investment,” according to what Reuters reported.
Al-Shaibani made separate visits to Saudi Arabia, the UAE, and Qatar in early January, during which he discussed strengthening relations.
Al-Shaibani added, “We inherited a collapsed state from the Assad regime, with no economic system in it,” according to what Agence France-Presse reported.
The minister stressed that the new authorities will focus on five basic sectors: energy, communications, roads, airports, education and health.
He said, “If we succeed in these five sectors, basic services will be provided to the Syrian people.”
Earlier Wednesday, the British Financial Times quoted the Foreign Minister as saying in an interview that the authorities had formed a committee to study “Syria’s economic and infrastructure situation, and will focus on privatization efforts, including oil, cotton, and furniture factories.”
Al-Shaibani confirmed that Damascus will study “partnerships (between the public and private sectors) to encourage investment in airports, railways and roads,” according to the same source.
The Minister of Economy in the Syrian caretaker government, Basil Abdel Hanan, told Al Jazeera Net that “the restructuring of the economy will be to transform the economy – which was based on socialism and then turned into a totalitarian, corrupt dictatorship – into a free, open market economy, and this restructuring is necessary to achieve the transition.”
Lifting sanctions on Syria
Al-Shaibani also said that lifting the economic sanctions imposed on his country for decades is “the key to stability” in Syria, adding that these sanctions “constitute the primary challenge to Syria, and we are shackled by them, and the Syrian people should not be punished.”
In recent weeks, officials of the new administration have repeatedly called for the lifting of sanctions imposed during the rule of Bashar al-Assad, which lasted for nearly 25 years.
The sanctions on Syria began in December 1979 when it was classified as a “state supporting terrorism” and were tightened in 2004 with the implementation of the American law “The Syria Accountability and Lebanese Sovereignty Restoration Act.”
The US Treasury Department announced earlier this January that some activities in Syria would be exempt from sanctions during the next six months to facilitate access to basic services, but officials said they were waiting to see progress before taking broader steps.
The Minister of Economy in the Syrian caretaker government, Basil Abdel Hanan, expected that the easing of sanctions recently announced by America would contribute to facilitating the flow of basic goods and services into the country, especially in the energy sector, while opening the way for limited financial transactions.
