Have the advantages and incentives succeeded in attracting investors and enhancing their confidence in the investment environment in Syria?

Damascus-SANA

The Syrian Investment Commission has granted 52 investment licenses since the issuance of the new Investment Law No. 18 of 2021, with a value exceeding 1,600 billion pounds in various important sectors, such as agricultural industries, agricultural and animal production, fertilizers, specific medicines, renewable energies, and agriculture, and it is expected to achieve 4,283 job opportunities, according to a report issued by the Syrian Investment Commission. Commission.

Madian Diab, Director General of the Syrian Investment Authority, stated in a statement to SANA that 42 licenses were granted in 2022 at an estimated cost of 868 billion Syrian pounds, which will provide 3,675 job opportunities upon completion, pointing out that 8 projects have entered actual production, while 6 projects have started with the installation of machinery, equipment, and equipment. In preparation for the start of trial production, 12 other projects obtained construction permits and started implementing the infrastructure.

Diab said: The year 2022 witnessed the expansion of 14 existing industrial investment projects, either by increasing production capacity or adding production lines with new products, in the “food-textile-pharmaceutical-chemical-mineral” sectors distributed to the governorates of Damascus, Homs, Hama and Tartous, pointing to The outcome of the work and the achieved achievements are an indication of the success of the advantages and incentives in attracting and directing the interest of investors and enhancing their confidence in the investment environment in Syria.

He added: During the year 2022, the Authority took many measures to develop the work of the Investor Service Center, increase its effectiveness, ensure the stability of its performance and provide the best services within it, and a vision was developed for the structure of the Investor Service Center, indicating that the Authority’s Investor Service Center provided during the year 2022 several services to investors, including granting 42 grants. Investment license for various projects in various sectors, extending the implementation period for 72 projects based on previous investment laws, granting 1243 licenses and import approvals for the needs of investment projects, giving approval for expansion to 14 projects by increasing production capacity or adding new production lines, in addition to granting 111 customs exemptions for investment projects. Various sectors with a value of 74 billion pounds.

Regarding the investment map development program and its implementation stages, Diab explained that a national team was formed from all concerned public authorities to prepare the investment map. Percent of the database supporting the investment map and preparing the procedural guide for offering investment opportunities for investment, in addition to preparing the books of conditions necessary to offer a specialized technology zone in Dimas for investment in coordination with the Ministry of Communications and Technology and preparing investment maps for the oil and tourism sector and preparing investment opportunities in cities and industrial zones in preparation for approval by the Council top investment.

Nadim Mualla

SANA Economic Bulletin

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