Damascus-SANA
The new Investment Law No. 18 of 2021 and its executive instructions made it possible to obtain a set of tax and customs incentives and benefits that would alleviate the financial burdens on investors in the stage of establishment and production.
Madian Diab, Director General of the Syrian Investment Authority, said in a statement to SANA Economic Bulletin that the investor guide for the year 2021 has been completed, including a service distributed over 16 sectors, according to a modern, transparent mechanism rich in important data and information that aims to attract local and foreign investors, starting from the establishment of his investment activity, through its operation and ending with its liquidation. .
The guide includes direct and indirect services, with a maximum of 15 working days, so that the investment license is issued, including all the approvals and licenses necessary to start establishing the project, pointing to the importance of the guide in improving the quality of services provided to the investor, increasing their effectiveness, and achieving the objectives and principles of the new investment law No. 18.
Diab revealed the presence of a large number of investors who are considering establishing qualitative investments in Syria, especially in the field of alternative energies and the requirements of the local industry, including equipment and raw materials, pointing to the granting of import licenses to a number of projects since the beginning of this year, including a project for the manufacture of detergents and a project for the production of soft and dry yeast in the governorate. Hama, at a cost of more than 10 billion pounds, and an investment project for the manufacture of compound mono and triple phosphate fertilizers, at a cost of 32 billion pounds, in Adra Industrial City, which provides 73 job opportunities when implemented.
He added: An investment license has also been granted for a project to produce solvents and raw materials for pesticides, paints and inks in the Damascus countryside governorate at an estimated investment cost of about 31 billion Syrian pounds, which will achieve 44 job opportunities, in addition to the project to manufacture medical syringes and plastic masks at a cost of more than 3.2 billion pounds, which provides 47 job opportunities and projects. Production of packaged butter and vegetable ghee, at a cost of more than 15 billion Syrian pounds.
During the past year, the authority attracted 38 investment projects, including 31 projects under Investment Promotion Decree No. 8 of 2007 with an estimated investment cost of 54 billion pounds, which will provide 1,404 job opportunities, in addition to granting a temporary investment license to 7 projects according to the new law 18 of 2021 in various fields at a cost It reached about 286 billion pounds, and is expected to provide job opportunities for 144 workers, while the number of applications submitted for granting licenses reached 23 requests from various governorates, at an estimated cost of 840 billion pounds.
SANA Economic Bulletin
Nadim Mualla and Amjad Al-Sabbagh
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