Damascus – Syrian Minister of Economy Mohamed Nidal Al -Shaar stressed that the lifting of US sanctions constitutes a “articulated opportunity” for the Syria economy that requires wise administration, noting that the economic environment has begun to witness a gradual breakthrough, which would move the wheel of production.
The slogan said, in statements to Al -Jazeera Net, that sectors such as industry, agriculture, energy and transportation will benefit directly from this breakthrough, especially in light of government efforts to provide the necessary materials and equipment, which is reflected in prices, production and job opportunities, stressing the importance of supporting small and medium enterprises in the recovery phase.
The minister revealed an integrated plan to attract foreign investments, including:
- Update the investment law.
- Simplify procedures.
- Provide incentives such as tax exemptions and customs facilities.
He added that work is underway to develop industrial and free areas to become investment attractions within a vision that relies on the partnership between the public and private sectors.
https://www.youtube.com/watch?v=z862h-okvok
Financial transfers
The slogan pointed out that the return of Syria to the “Swift” international banking system for financial transfers will be a prominent turning point, stressing that the flow of money of expatriates and Syrian investors will contribute to reviving the local economy, and that the results will begin to appear as soon as this procedure is achieved.
The minister expected that the implementation of commercial and investment promises will accelerate with the entry of capital without restrictions, which will be reflected in the Syrian citizen through the improvement of the living situation and the facilitation of financial transfers that were complicated in the past.
The slogan described the American decision as “fair to the Syrian people”, noting that the next stage requires a double effort from all sides, and that the Ministry of Economy will be at the forefront of those who lead the process of drawing new economic policies.
The Syrian minister expected an improvement in the standard of living and a decrease in unemployment rates, as well as restoring Syria’s relations with a number of countries.
Regarding the exchange rate of the Syrian pound, the slogan said that the exchange rate against currencies does not currently reflect the real production capacity, but the flow of external funds will contribute to enhancing its value and the stability of the cash market.
Who is Minister Muhammad Nidal Al -Shaar?
- On March 29, 2025 he was appointed Minister of Economy in the first Syrian government headed by President Ahmed Al -Shara.
- Born in the city of Aleppo in 1956.
- He holds a Bachelor’s degree in Economics from the University of Aleppo in 1980.
- He obtained a PhD in economics from George Washington University in the United States.
- After obtaining a doctorate in economics from Georgetown University, he became a professor at the Faculty of Economics at the University of Aleppo between 1996 and 2001.
- After that, he held several positions in the financial and banking markets sector, as in 2002 he became the Secretary -General of the Accounting and Review Authority for Islamic Financial Institutions in Bahrain, the President of the Syrian -American Association for Businessmen, a consultant at the US Housing Ministry, and an expert at the World Bank.
- In 2006 he received the Mohammed bin Rashid Al Maktoum Award for Banking Excellence.
- He was nominated for the Nobel Prize in Economics in 2009 and 2010.
