Damascus- A source close to the Syrian government said that several Gulf and Syrian investors have offered huge projects ready for implementation in Syria after lifting the sanctions imposed on them.
The source, who asked not to be named, added to Al -Jazeera Net, that investments include building huge factories with a value of approximately $ 68 billion as a first stage, which will provide tens of thousands of job opportunities, especially in the fields of cement and iron, provided that the surplus is exported after meeting the needs of the Syrian market.
According to the source, who visited a number of countries, the investors offered the construction of the “modern city of Damascus” in the area near the Mezze Airport, on an area of hundreds of dunums, in addition to establishing model villages and rebuilding destroyed neighborhoods, without waiting for the official reconstruction plans, if the sanctions are lifted.
According to the source, the US sanctions represent the main obstacle to the entry of Syrian investments from abroad, as well as Arab and foreign investments, to the country to start the upcoming reconstruction process.
Not enough exceptions
The President of the Syrian -American Council, Farouk Bilal – to Al -Jazeera Net – said that the US sanctions, despite their exclusion for a number of Syrian sectors, are still an obstacle for investors.
He added that investors are afraid to target them by the US Treasury, because of any investment activity that may be explained as support for punished sectors in Syria.
He pointed to the administrative complications resulting from “strict compliance”, which impose costly procedures to ensure their commitment to American laws and that these arrangements impose additional burdens on investors, who are required to accurately verify that their investments do not benefit sectors subject to sanctions such as the army or security institutions, and the breach of these controls may lead to direct penalties for them.
Bilal noted an administrative decision issued by former US President Barack Obama in August 2011, in the first year of the Syrian revolution, prohibiting the Syrians to invest in Syria, and prevent the entry of American goods to the Syrian market, which increased the complexity of the investment environment.
Regarding the recent facilities, Bilal explained that the general license issued by the administration of President Joe Biden, which allows some economic activities in Syria, is not sufficient, so it has only 6 months, a short period that does not give investors real guarantees to start long -term investment projects.
Regarding the influence of these policies, Bilal pointed out that the Syrian -American Council, during its meetings with Congress, the Ministry of Foreign Affairs and the National Security Council at the White House, was accompanied by businessmen, most of them Syrians, who expressed interest in investing in support of local communities, and some of these investors worked in northwestern Syria regions, which were covered by penalties.
With the recent changes in the field map, Bilal expressed the concern of investors that the sanctions would affect them, after large areas of Syria have become under one central administration, which prompted some investors to temporarily suspend their projects until obtaining written assurances from the US Treasury Ministry that guaranteed them not to be exposed to sanctions as a result of previous investments.
Careful attention
In light of the continued US sanctions imposed on Syria, and the legal and procedural complications imposed, indications have emerged on the interest of a number of Syrian investors abroad, as well as American investors, by investing in vital sectors inside Syria, and this conditional interest comes with clear legal guarantees and investment incentives that allow the protection of capital and projects from the consequences of any future sanctions.
In this context, Maysa Qabbani, Vice -President of the American “Global Justs” organization, said that most Syrian investors in the United States are planning to come to Syria, carrying billions of dollars to invest in several vital sectors.
https://www.youtube.com/watch?v=7y8xvohfrlu
The deputy explained – in a comment to Al -Jazeera Net – that there is great interest in American investors as well, especially in the fields of energy and oil.
She added that some investors are very enthusiastic about entering technology projects, while others prefer to invest in reconstruction, especially in basic buildings and infrastructure projects.
Maysa Qabbani confirmed that the majority of these investors are the Syrians, and they share with other American investors in caring for investment in the technology sectors, reconstruction of buildings, energy and gas.
She pointed out that many delegations are currently taking place on these three sectors, as part of serious preparations to support development and reconstruction efforts.
Successful beginnings
“We have established a company … today it works in 5 African countries and two Arab countries, and Syria has become third.”
Appo said in a comment to Al -Jazeera Net that his company began manufacturing with limited capabilities and sent several containers to Africa, but he pointed out that the sanctions imposed on Syria constitute the most prominent obstacles to their expansion, whether in terms of financial transfers, travel, or securing raw materials.
He added that the company is forced to import materials such as aluminum and iron from Europe, which increases the challenges.
He talked about a strong desire among Syrian businessmen abroad to return to investing in Syria, pointing to his friend, the businessman, who is constantly communicating with him and expresses his enthusiasm for investment with huge projects.
He stressed that lifting sanctions is an urgent necessity to support the rebuilding of the Syrian economy, adding that it is the biggest obstacle to investment and development, with businessmen ready to pump billions of dollars into the Syrian market by simply creating the appropriate legal environment.
In light of the continuation of the state of legal and political uncertainty, investors are awaiting more clear steps that guarantee the protection of their investments, while the hopes of the Syrians remain suspended on alleviating international restrictions to rebuild their country and revive its affected economy.
