More than fifty new investment projects with an estimated cost of one and a half trillion Liras have been licensed in Syria according to the investment law issued last year. The Syrian capital, Damascus, focuses on reviving productive projects to confront Western sanctions on the Syrian economy.
The following report by the Lebanese news channel Al Mayadeen from Damascus sheds more light on these new projects:
The wheel of production is spinning in Syrian facilities that defy the conditions of the blockade and the consequences of the shortage of oil derivatives. Investors are completing production projects based on Investment Law No. 18 issued last year.
The Investment Authority licensed a host of projects with a total capital exceeding 1,500 billion Syrian Liras, most of which are in the food and chemical industries, and energy supplies, and employ more than 4,000 workers.
Madian Diab, head of the Syrian Investment Authority: Despite all these circumstances, the Authority was able to attract a group of investment projects, about 50 projects, since the issuance of Law No. 18, which constituted the cornerstone for the development of the investment environment, at an estimated cost of about 1.535 trillion Syrian pounds. More importantly, there are projects that have started on the ground.
An investment environment capable of accommodating many times what was licensed, the exit of thousands of establishments from service during the war years at all levels, and the Syrian industrialists’ possession of expertise in medium and small industries encourage a gradual start in productive industrial projects.
Firas Al-Moradi, a specialist in the industrial economy: The government and the private sector should seek to support and secure all that is needed for medium and small projects because they support and provide the production process by securing spare parts.
Governmental plans to revive these projects have increased their number to about 778 thousand medium and small projects, of which 460 thousand projects are actually operating.
Legislatively, Damascus has achieved a competitive and attractive investment environment for capital. However, attracting huge investments and recovering what was left during the war, at least, are hampered by Western sanctions and their impact on the stability of markets, purchasing power, and the exchange rate of the Syrian Lira.
Muhammad Al-Khidr – Damascus, Al-Mayadeen.
End of the transcript.
Not only has the hypocrite evil criminal US-led coalition of countries waged a war of terrorism and attrition against the Syrian people for over a decade, but they have also imposed an embargo and a complete blockade on the country preventing Syrian businesses and banks from interacting with international markets while the troops of the NATO defensive [sic] alliance continue to plunder Syrian oil and wheat and to block access to the country’s main gas fields and agricultural land in the northern provinces of Hasakah, Deir Ezzor, and Raqqa, the western values the Syrian people prefer not to encounter at all.
The above value of the new projects in Syria should be compared to Syria’s own cost of living and return on investments and should never be compared to the cost of similar projects in the west based on the exchange price of the Syrian Lira to the US dollar or to the Euro, Syrian maintains its rank as the cheapest cost of living in the world despite the over a decade-long war. For example, the cost of a loaf of bread in the USA averages $0.85 to $0.90 (reaches $1.98 in Alaska), the cost of 10 loaves of bread in Damascus averages $0.75 – $0.80 and it’s GMO-free.
The US, EU, Turkey, and Gulfies illegal blockade wrongly dubbed sanctions imposed on Syria is an act of war as defined by international law, only the United Nations Security Council is authorized to impose sanctions on countries. In order to make it less appalling by their own citizens and out of their false self-proclaimed higher authorities, western countries name the unilateral coercive measures they impose on the rest of the world as sanctions!
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