A high-level Egyptian business delegation has traveled to Damascus to participate in the Syrian-Egyptian Economic Forum, signaling a significant push to establish major investment projects in Syria’s reconstruction phase. Led by the Federation of Egyptian Chambers of Commerce, the initiative aims to forge direct investment partnerships with Syrian counterparts across various strategic sectors.
A New Chapter in Bilateral Economic Ties
The forum, held in Damascus, marks the first major economic gathering between the two nations in over a decade and follows the restoration of diplomatic relations. Mohamed Saada, Secretary-General of the Federation, stated that the meeting reflects Syria’s serious interest in strengthening its economic partnership with Egypt.
The event is designed to build trust between the two business communities and create a joint roadmap for investment. The Egyptian delegation, which includes leaders from the electricity, petroleum, construction, agriculture, and logistics sectors, is engaging in intensive meetings with Syrian ministers to align on strategic priorities.
Targeting Key Sectors for Reconstruction
Egyptian businesses are keen to leverage their extensive experience in executing mega-projects to contribute to Syria’s development efforts. The focus areas for investment include critical infrastructure, energy, manufacturing, and urban development.
This move is bolstered by recently signed memorandums of understanding in the energy sector, which will facilitate the supply of Egyptian gas to operate Syrian power plants. This strategic cooperation aims to address Syria’s long-standing energy shortages and provides a tangible example of the logistical and technical support Egypt can offer.
Syrian Reforms to Attract Foreign Capital
To encourage this influx of investment, Syria has implemented significant economic reforms. Talal Al-Hilali, Head of the Syrian Investment Authority, highlighted the country’s new investment law, which offers extensive guarantees and incentives to foreign investors.
Key measures include allowing 100% foreign ownership of projects without the need for a local partner, a simplified and competitive tax system with a maximum rate of 15%, and tax exemptions for certain sectors and regions. These changes are designed to enhance investor confidence and streamline the process of establishing and operating businesses in the country.
Building on an Existing Foundation
The economic relationship is built upon a strong existing foundation. Over the past decade, Egypt has become a host for a substantial Syrian business community, with estimates pointing to approximately 30,000 Syrian investors establishing over 16,000 companies and thousands of factories and workshops in the country.
This pre-existing network of business relationships and cross-cultural understanding provides a solid platform for launching this new phase of strategic cooperation, which aims to expand beyond bilateral trade to long-term, sustainable investment partnerships.
About the Federation of Egyptian Chambers of Commerce
The Federation of Egyptian Chambers of Commerce (FEDCOC) is the official representative body for the Egyptian private sector. It works to support and develop trade and industry in Egypt by providing services to its members, representing their interests at national and international levels, and fostering economic cooperation with other countries.
Source: a5r5br.net
