Syria’s industrial cities are emerging as a significant hub for investment, having attracted approximately 11,000 investors, including 294 from foreign countries. This influx signals a growing confidence in the region’s industrial environment, supported by new government policies aimed at economic revitalization and a more attractive investment climate, according to statements shared by the Syrian Federation of Chambers of Industry.
Renewed Investor Interest
Muayyed al-Banna, Director of Industrial Cities and Zones, highlighted a noticeable increase in visits and interest from Arab and foreign investors, particularly following the “liberation phase.” This trend was especially evident during the Damascus International Fair, where numerous international parties expressed their desire to establish or relocate investments to Syria’s industrial cities.
These potential investors are reportedly awaiting the implementation of new policies and legal amendments to facilitate their entry into the market.
A New Framework For Investment
To bolster this interest, Syria’s Ministry of Industry has introduced a new investment system specifically for industrial cities under Decision No. 438. The framework comprises 26 articles designed to provide significant incentives and facilities for both local and external investors looking to operate within Syria’s industrial incubators.
This new system, approved last June by the Ministry of Economy and Industry, aims to create an appealing environment for industrial investment, encourage national and foreign capital, and promote the transfer and localization of industrial technology and knowledge.
Infrastructure and Economic Impact
Mazen Derwan, President of the Syrian Federation of Chambers of Industry, emphasized that the appeal of these industrial cities is enhanced by the availability of essential services for factories, including reliable energy and sanitation infrastructure.
Derwan noted that the establishment of new factories is crucial for job creation and reducing unemployment rates. He added that any measures to reduce bureaucratic hurdles and improve access to energy sources and ports will have a direct positive impact on the expansion and global reach of Syrian industry.
About Syrian Industrial Cities
The Syrian Industrial Cities initiative is a government-led effort to create dedicated economic zones that serve as hubs for national and international industrial investment. These cities are equipped with essential infrastructure and services, and operate under a new investment framework designed to offer incentives, streamline operations, and encourage the growth of Syria’s manufacturing sector and the transfer of modern technology.
Source: SANA
