Damascus-Sana
The Minister of Economy and Foreign Trade, Dr. Muhammad Samer Al-Khalil, affirmed that the new investment law No. 18 of 2021 reflects the state’s development policy and ensures the achievement of an investment environment that encourages foreign capital and protects domestic capital.
In a statement to the representative of SANA, the Minister Al-Khalil stated that there are many points that distinguish the new law with regard to directing capital towards investment in the most important sectors by providing a package of incentives and customs, tax and other facilities in a way that contributes to expanding the base of production and services, investing local resources and accelerating the rotation of the wheel of the economy and opening the way to increase Job opportunities, creating sources of income, and raising economic growth rates.
Al-Khalil pointed out that the law focused on projects that depend on local resources to obtain products that meet the needs of citizens in the first place, and then move towards export.
Hebron indicated that the law allows the creation of special economic zones in various forms for developmental, real estate development or reconstruction purposes in the event that the area was affected by war and may be specialized areas to encourage the establishment of a coherent group of economic activities in the form of production or service clusters and may be areas with private ownership. A variety of activities are allowed in it.
The Minister Al-Khalil stated that the law focuses on the issue of licenses, providing services, and responding to investor requests with the speed and quality required at work, in a way that contributes to creating an attractive environment for investment through investor service centers and through clear and transparent procedures manuals, with the binding time periods specified in these guides.
Hebron explained that the law focused on the mechanism for settling disputes with the introduction of friendly methods and arbitration in addition to the competent judiciary, and the articles of the law affirm the principle of equal opportunities and fair treatment among all investors in addition to the freedom of investment and the prevention of monopoly in various economic activities.