|
Syria, World Bank Review Financial and Economic Reforms Governor of the Central Bank of Syria Dr. Adib Mayallah on Sunday discussed with Vice-President of the World Bank for the Middle East and North Africa Shamshad Akhtar the financial and economic reforms Syria has witnessed over the past few years. Dr. Mayallah said that the reforms have contributed to creating a developed monetary sector due to establishing new banks, banking companies and microfinance and Islamic banking institutions. He added that the monetary policies adopted by Syria have been built on scientific bases which attracted more foreign investments, pointing out that the Syrian economy has not been affected by the global financial crises because it depends on various sectors. For her part, Akhtar hailed Syria's efforts to attract private and foreign investments in spite of the global economic and financial crisis which has rocked the world over the last two years. ------------------------------------------- Syrian-Lebanese Economic Committee Discusses expanding partnership, Unifying Parallel Effect Fees Meetings of the Syrian-Lebanese economic committee on Monday focused on trade and economic relations between the two countries and easing the obstacles that stand in the way of increasing the volume of trade exchange. Head of the Syrian side, Minister of Economy and Trade Lamia Assi said the meeting constitutes an opportunity for exchanging views and dealing with topics that concern the two countries. For his part, Head of the Lebanese side, Minister of Economy Mohammad al-Safadi said the meeting "highlights the commitment of the two countries towards each other because what affects Lebanon affects Syria... we have to work as one team in the interest of the two countries." Secretary-General of the Higher Syrian-Lebanese Council Nassri Khouri said, "During the past stage, and despite all difficulties, the volume of trade exchange has witnessed a steady increase as Lebanese exports to Syria increased in 2007 up to USD 10 millions." Minister Assi pointed out that the two sides agreed to participate together in joint fairs and markets to boost the Syrian and Lebanese products and unify stances on issues facing the two countries, including trade agreements and partnerships with countries or regional blocs. She added that meetings of the economic committees between Syria and Lebanon will continue periodically. Sana. -------------------------------------------------- Investments in Syria Increased by 87.5 % in First Quarter of 2010 Projects listed by the Syrian Investment Agency during the first quarter of 2010 amounted to 105, compared to 56 during the same period in 2009, marking an increase of 87.5 %. The increase was primarily in the industrial sector, with 30 projects compared to seven in 2009, marking a 328.6 % increase, followed by the transport sector with 40 projects compared to 21, or a 90.48 % increase. Industrial projects amounted to 32 compared to 26 with an increase of 23 %. Estimated costs of these projects amount to SP 12.5 billion (USD 271 million) , with the overall estimated cost of industrial projects amounting to SP 5.780 billion. The cost of transport projects are estimated at SP 4.260 billion, while agricultural projects are estimated at around SP 1.710 billion, in addition to three other projects for television production, services and quarries with an estimated cost of SP 750 million. The projects aim at the production of white cement, solar heating equipment, medicinal drugs including cancer medication, petroleum services, services to quarries and irrigation systems, in addition to various transport projects. Among the Syrian governorates, Aleppo has the biggest share with 22 projects, followed by Deir Ezzor with 19, Raqqah 12, Damascus Countryside 11, Damascus and Daraa with 9 each, Idleb with 5, Hasaka and Suwaidaa 4 each, Lattakia 3, Homs and Tartous with 2 each, and Hama and Quneitra 1 each. Sana. ----------------------------------------------------- The 13th Arab Businessmen and Investors Conference in Damascus in March | ||
|
Damascus is going to host the 13th Arab Businessmen and Investors Conference entitled "Investing in Syria" between the 3rd and 4th of March. The conference aims at briefing Arab businessmen and investors on the positive developments in the national economy and the work environment in Syria, in addition to the current and the possible economic and investment opportunities in the syrian economic sectors. It will also show them the legislative reforms that motivate investment and business in all economic sectors. The conference seeks to show the role of the private sector in the economic life development and growth process, as well as creating and developing the fields of cooperation and partnership between Syrian and Arab investors and businessmen. It will discuss a number of issues related to the economic reforms in Syria and their role in motivating the growth development and advancement of the environment of business and investment and its prospects. The conference will also discuss the economic developments and the investment, financial and economic relations between Syria and its economic partners in the Arab region, in addition to reviewing successful Arab investment experiences in Syria. The conference organizers said in a statement that the direct foreign investment headed during the last two years to tourism fields by 45 %, oil by 15 %, free zones by 6 %, banking by 16 % and social insurance by 3 %. Many organizations will participate in the conference such as Bureaus of Arab Chambers of commerce, industry and agriculture, Arab businessmen and investors, chairmen of specialized Arab organizations and representatives of Arab economic, financial, investment and banking companies, development banks, Arab Developmental and Financing Funds and Commissions for encouraging investment in Arab countries, in addition to Arab intellectuals and experts in the economic, financial and social fields. The conference is organized by Arab League, Syrian Union of Chambers of Commerce, General Union of Chambers of Commerce, Industry and Agriculture for Arab Countries and the Arab Investment and Export Credit Guarantee Corporation. Sana. ----------------------------------------------------------------------------- |
Syrian Italian Businessmen Discuss Economic and Investment Cooperation
Members of the Damascus Chamber of Commerce discussed on Wednesday with a delegation of Italian businessmen economic, investment and commercial opportunities and fields of cooperation between the two countries.
Deputy Chairman of the Damascus Chamber of Commerce Bahaa el-Din Hassan underlined the steps taken by the Chamber during previous years to bolster economic and commercial relations between Arab countries and Italy, calling on Italian businessmen to benefit from the investment environment in Syria.
He also expressed the desire of Syrian businessmen to cooperate with their Italian counterparts, underlining Syria's needs in the fields of technology and high-quality technical industries, which are available in Italian markets.
For his part, head of the Arab-Italian Chamber of Commerce Giorgio Qattan affirmed that the Italian businessmen wish to cooperate with the Syria side, noting that the Italian goods available in Syrian markets are very popular due to their high quality.
Trade exchange between Syria and Italy in 2008 amounted to SP 94 billion (USD 2 billion), constituting 20% of overall trade exchange between Syria and the European Union. Italy is Syria's primary trade partner in Europe.
----------------------------------------------
Syria, Egypt to Double Investments
Head of the Federation of the Syrian Chambers of Commerce Mohammad al-Qallaa called for boosting integration with Egypt in the fields of tourism, textiles and agricultural industries.
During talks with an Egyptian trade delegation on Sunday, al-Qallaa urged Syrian and Egyptian businessmen to promote inter-trade, stressing the need for cooperation in the banking sector as a key tool for activating trade.
Chairman of Alexandria Chamber of Commerce Ahmad al-Wakil, heading the delegation, said the visit basically aims at developing trade exchange and doubling investments in both countries.
He noted that trade exchange has doubled over six times during the past ten years where Syria's trade balance with Egypt achieved a surplus for the first time in 2008.
Egyptian Ambassador in Damascus Shawki Ismail said the delegation's visit will reflect positively on the trade and economic relations between Syria and Egypt given the geographic position, the similar lifestyles and the appropriate legal environment.
-----------------------------------------------
Syria and China Sign Economic and Technical Cooperation Agreements
Syria and China signed an agreement on economic and technical cooperation offering Syria a grant estimated at Chinese Yuan 20 million. The two sides also signed the exchanged documents charter between the two sides on supporting the human potentials and Syria's efforts to join the World Trade Organization (WTO).
The discussions were "rich, very practical" and reflected the deep friendship and political principles Syria and China have adopted in supporting each others along decades", Deputy Prime Minister for Economic Affairs Abdullah al-Dardari said in a statement following the signature ceremony on Wednesday, For his part, Chinese Deputy Prime Minister Hua Liang Yu described the discussions as "deep, productive and reflected the distinguished relations between the two countries in various domains".
"The successful visit of President Bashar al-Assad to China in 2004 gave big momentum for these relations", he added, expressing his country's appreciation over what Syria has achieved on the domestic and foreign levels. Hua stressed China's support to Syria's sovereignty and the right to restore its occupied lands.
The Syrian-Chinese discussions focused on activating the signed agreements and signing new ones on enhancing economic, trade, industrial, development and cultural cooperation between the two sides and activating the work of the ministerial joint committee and Syrian-Chinese businessmen council.
The discussions co-chaired by al-Dardari on the Syrian side and Hua Liang Yu on the Chinese side.
------------------------------------------------
Damascus Chamber of Commerce and Islamic Chamber of Commerce and Industry Discuss Cooperation
The Chairman and members of the Damascus Chamber of Commerce discussed on Sunday with Chairman of the Islamic Chamber of Commerce and Industry (ICCI) Sheikh Saleh Kamel cooperation between the two chambers and means for bolstering it in various fields.
Chairman of the Damascus Chamber of Commerce Ghassan Qalaa affirmed the importance of cooperating with the Islamic Chamber in its various economic and social projects.
For his part, Sheikh Kamel reviewed the ICCI's work plan, goals and practical basis, which include the training and development of the workforce in Islamic countries, development of tourism and inter-Islamic investments, and providing job opportunities.
He also reviewed several ICCI projects in the fields of managing and investing religious holdings, financing funds for supporting scientific research, and more.
The ICCI is one of the establishments affiliated with the Organization of Islamic Conference (OIC).
Sana.
------------------------------------------------
Lutfi: High Level Cooperation between Syria and Iraq for Guaranteeing Success of Economic and Commercial Relations
Minister of Economy and Trade Dr. Amer Housni Lutfi affirmed on Monday that cooperation between Syria and Iraq is being carried out on a high level to guarantee the success of economic and commercial relations, affirming Syria's commitment to removing all obstacles hindering the development of these relations.
In an interview with the Syrian Satellite Channel, Lutfi said Syria and Iraq will sign an agreement for cooperation between the Iraqi Industrialists Association and the Syrian Chambers of Industry Federation soon, in addition to expanding the Syrian-Iraqi Businessmen Council to include industrialists from both countries.
He added that one of the most important issues that were discussed during the recent meetings of the Syrian-Iraqi Joint Higher Ministerial Committee was the possibility of Syrian construction and building companies working in Iraq due to its need for rebuilding infrastructure, in addition to discussing economic relations in general and commercial relation in particular.
Dr. Lutfi stressed that Syrian-Iraqi relations aim to help achieve stability and prosperity in the region, which is what Syria is working to accomplish with Turkey, Iran and the other countries in the region, adding that the planned regional economic cooperation between these countries will establish a better future for the entire region.
Sana.
------------------------------------------------
Otri Chairs Meeting for Investment Higher Council to Discuss Reality of Investment in Syria:
Prime Minister Mohammad Naji Otri chaired on Wednesday a meeting for the Investment Higher Council and discussed the reality of investment in the agricultural sector, the difficulties facing it, means for overcoming these difficulties, and ways for organizing and encouraging investment in this vital developmental sector.
The Council also approved a number of applications based on suggestions from the Syrian Investment Agency's Board of Directors, and discussed memos from the Agency on the factors of investment in Syria and the problems hindering it, the issuing of investor cards, and suggestion for developing small and medium-sized developmental projects.
In that regard, the Council tasked the Agency's Board of Directors with presenting a comprehensive study on the state of investment in Syria and suggestions for developing this sector and encouraging investment in developing governorate and establishing small and medium-sized projects and companies.
Sana.
------------------------------------------------
