The News from Syria
:
Q&A :
Ahmad Abdul Aziz, General Manager of the Syrian Investment
Agency
Can you update our readers on the latest investment
data in the country?
In the first six months of 2009, the Syrian Investment
Agency signed-off on 117 projects totaling SYP 165bn, or
approximately USD 3.5bn. In comparison, over the same
period in 2008 there were 100 projects worth SYP 95bn, or
approximately USD 2bn. Comparing both periods, this is an
increase of more than 70 percent. If you take into
consideration the international financial crisis, the
results for the year to date are a very positive signal to
the country. What’s more, the figures for the first six
months of 2009 do not include five Memoranda of
Understanding signed between the Syrian government and the
Syrian-Qatari Holding Company which totalled some USD 4bn
[SYP 188bn].
What efforts have you taken over the past 12 months
to boost investment in the country?
Two major initiatives carried out by the SIA in the past
12-months have been the opening of the ‘one-stop-shop’ for
investors and the launching the Syrian Investment Map. The
‘one-stop-shop’ allows investors to access all government
agencies in one place – it has greatly simplified
procedures for investors. The Syrian Investment Map has
been launched online and is available in English, French
and German and will be translated into 12 languages by the
end of the year. Another development has been to appoint an
SIA representative in each Syrian embassy; one dedicated
person tasked with explaining Syria to potential investors.
Do you expect to be adversely affected by the
ongoing international financial turmoil?
As a financial crisis Syria hasn’t been greatly affected.
But the financial crisis has transformed into an economic
crisis and everyone is affected. Imports and exports are
affected. But investment will continue.
What measures will the SIA take over the next 12
months to boost investment?
The SIA now has a dedicated member in each embassy tasked
with promoting investment in the country. This is something
new and we will be working closely with our representatives
in our foreign embassies to showcase Syria.
Internally, we will be working to implement a decree from
the Prime Minister to create a network of SIA branches in
each governorate, starting with Homs, Raqqa and Dera’a,
that will support SIA activities and ensure investors do
not have to travel to the capital to carry out their
business with the agency. We are also studying all laws and
rules on investment to improve the climate for investors
and encourage investment throughout the country. Recently,
we received a recommendation from the government to
introduce a total tax exemption for 10 years on investments
in the eastern region – Hassakeh, Deir ez-Zor and Raqqa –
to encourage investment in this region.
This year we will also begin working with International
Development Ireland. They will send experts to review the
agency and we look forward to benefiting from their
experience. In 1980 Ireland was the last country in Europe
in terms or foreign investment; now they are number one.
source : Syria Today : August 2009