Syria seeks to benefit from Qatari expertise in long-term economic development

Syria is keen to leverage Qatari expertise in long-term economic development, according to the Syrian Investment Authority (SIA) Director-General Rawad Ramadan. In a statement to Qatar News Agency (QNA), Ramadan commended the Qatari economic experience and identified areas of potential collaboration, including industry, agriculture, food security, tourism, and infrastructure. He emphasized Syria's interest in developing practical investment partnerships with Qatar and sought to deepen relations through such collaborations.

Ramadan highlighted the progress made in infrastructure, economic institutions, and investment diversification in Syria, while expressing the aspiration to build on these achievements. He noted that Syria is currently undergoing a critical phase of economic reconstruction, alongside efforts to improve the investment climate and bolster the private sector's role in national development.

The SIA recently implemented measures to streamline the investment process, such as activating an investor services center and a single-window investment portal. These initiatives aim to simplify procedures, reduce time, and provide a clear point of reference for investors. The authority is also collaborating with international entities and experts to develop digital transformation programmes and streamline the investor journey.

Syria boasts diverse economic assets, including its strategic location, natural resources, human expertise, and potential in various sectors. The authority prioritizes revitalizing Syrian industry, developing production and export capabilities, and focusing on agricultural projects, food industries, energy, transport, logistics, housing, and infrastructure.

The tourism sector is also seen as a significant opportunity, given Syria's historical and cultural heritage, diverse tourist sites, and potential for developing integrated tourism destinations.

Ramadan stressed the importance of knowledge and managerial expertise in economic development, alongside capital inflows. Syria offers various incentives, such as 100% income tax exemptions for agricultural and livestock projects, as well as customs exemptions for eligible machinery and production lines. The Investment Law and its amendments provide for these incentives based on the nature of the sector, specific project, and its economic impact.

The SIA adopts a direct approach in engaging with Arab and international investors, developing opportunities that align with both Syria's priorities and investors' interests. The authority emphasizes public-private partnerships in implementing strategic projects, developing infrastructure and economic facilities, and leveraging the private sector's expertise in management and operations.