Approval of the executive instructions of the new investment law

Damascus-SANA

The Supreme Investment Council, in its meeting today headed by Prime Minister Hussein Arnous, approved the executive instructions for the new investment law No. 18 of 2021 in its final form, after approving the procedural evidence of the law last week.

The Council approved the sectoral classification of projects subject to the provisions of the Investment Law and in accordance with the procedural evidence and the specific value of each project, and stressed the granting of broad mandates and powers to delegates of ministries and other public bodies in the Investor Services Centers of the Investment Authority with the aim of accelerating the approval procedures and granting licenses to investment projects that meet the conditions.

The Supreme Investment Council assigned the Ministry of Communications and Technology to coordinate with the Investment Authority to benefit from all applications and electronic services in providing services to investors and simplifying the procedures for paying fees and allowances through electronic payment. Farmland.

Arnous praised the efforts made by the concerned committee and all parties to issue the executive instructions of the law on time, indicating that they are clear and flexible and enable the investor to fully view the details and procedures of investment in all sectors, stressing at the same time that the priority of orientation in investments is towards cities and industrial areas.

The council agreed to include a project for the production of cancer drugs at a cost of 15 billion Syrian pounds, which provides 34 job opportunities in the new investment law in the industrial city of Adra.

In a related context, the Council listened to a study by the General Secretariat of the Council of Ministers related to securing real estate for investment in state and private properties, cities and industrial zones, in accordance with the Investment Law.

It is noteworthy that the investor submits his application to the Investor Services Center in the Investment Authority only without the need to review any public authority and returns to receive the approval of the license for his project if he fulfills the requirements within the specified time period.