The economy and foreign trade during 2021..Protecting the local product and supporting small projects

Damascus-SANA

The Ministry of Economy and Foreign Trade worked during the year 2021 to protect the local product by rationalizing imports, in addition to supporting exports and small, medium and micro enterprises through programs implemented by its institutions (foreign trade, the Authority for Support and Development of Domestic Production and Exports, the Small and Medium Enterprises Authority and Free Zones, and the General Organization for International Exhibitions and Markets). .

On August 16, 2021, the ministry issued a decision to stop the import of 20 items included in the electronic application guide approved for granting approvals for import licenses for a period of six months, with the aim of strengthening the local production structure in the context of the integrated program that the government is working on to encourage the substitution of local alternatives to imported goods.

The number of materials and sectors targeted by the import substitution program reached 69 materials and sectors, while the number of investors who applied to benefit from the materials approved in the program reached 53 industrial and agricultural investors.

As for the interest rate support program, the number of beneficiaries of the subprogramme loans since the launch of the program until 15-12-2021 reached about 73 beneficiaries, with a total support value estimated at one billion and 895 million pounds.

The ministry also worked to motivate industrialists to work and find markets for them to sell their products abroad by starting to disburse the dues resulting from the implementation of the industrial production support program directed to export with a support rate of 10 percent for the exported product (self-issuing) and 7 percent for the exporter on behalf of others of the value of industrial exports and motivating farmers And farmers by starting to disburse the dues resulting from the implementation of the agricultural production support program available for export, with a support rate of 25 percent of the freight charges for products exported to Iraq and the Arab Gulf countries only, in addition to contributing to the organization of Syrian participation and supporting about 50 foreign exhibitions to promote Syrian products.

And based on the recommendation of the Economic Committee in the Presidency of the Council of Ministers, held on 11-22-2021, the executive mechanism was adopted to grant incentives for the production and export of citrus according to the accreditation program for marketing citrus during the period from November 2, 2021 until May 30, 2022.

The new Investment Law No. 18 of 2021, which was issued on 5/19-2021, has also been completed and provides the possibility to obtain a set of tax and customs incentives and benefits that will reduce the financial burdens on investors in the establishment and production stage. The number of projects that have been granted a temporary investment license has also been completed. According to the law, 7 projects in various fields at a cost of about 286 billion pounds are expected to provide job opportunities for 144 workers, while the number of applications submitted for granting licenses reached 23 from different governorates, at an estimated cost of 840 billion pounds, and it is expected to provide 2,347 jobs.

In the field of exhibition organization, the Foundation for International Fairs and Markets organized 48 specialized exhibitions, and the Foundation granted approvals to hold 51 festivals and 86 bazaars.

In this context, Syria’s participation in Expo 2020 Dubai came with a distinguished pavilion that won the approval of visitors who were acquainted with the diverse and rich cultural heritage that it possesses. Fruitful meetings with a number of officials from some participating friendly countries, and the reality of economic and trade relations with them was discussed, and a decision was issued on 10/13/2021 to establish the joint Syrian-Emirati Business Council.

With regard to the Department of Foreign Trade, the Ministry worked to secure operating requirements for existing projects, under implementation or rehabilitation in order to increase production, meet part of the local market requirements and encourage exports, which led to a reduction in the trade balance deficit.

The Ministry, through the General Corporation for Foreign Trade, also continued to secure medicines whose import is restricted to the Corporation, such as vaccines, narcotic drugs and blood derivatives, in addition to importing qualitative preparations of cancerous and hormonal medicines and other medicines that are not imported by the private sector, as the value of the medicines imported by the Corporation amounted to 68.2 billion Syrian pounds.

Manar Dib