$1 trillion for rebuilding Syria in 10 years21 Jan 2019
The inaugural UAE-Syria Private Sector Forum launched on Sunday in the nation's capital, Abu Dhabi.
$1 trillion for rebuilding Syria in 10 years
Organized by the UAE Federation of the Chambers of Commerce and Industry (FCCI), in cooperation with the Abu Dhabi Chamber of Commerce and Industry (ADCCI), the forum saw discussions taking place to enhance potential investment and commercial ties between UAE people in business with their Syrian counterparts across many sectors.
Mohammed Thani Murshid Al Rumaithi, Chairman of the UAE FCCI and ADCCI Chairman, and Mohamed Hamsho, head of the Syrian Trade Delegation and Secretary-General of the Federation of Syrian Chambers of Commerce, were present during the forum, where the Syrian private sector investment opportunities were highlighted, particularly those related to trade, infrastructure, agriculture, tourism, logistics, and renewable energy.
Commenting on the forum's proceedings, Al Rumaithi noted the UAE business community's interest in investment opportunities available in Syria's private sector, pointing out the strategic importance in building commercial partnerships.
He added that the UAE-Syria Private Sector Forum has brought together a diverse group of Emirati and Syrian businesspeople in investors to review opportunities available in the investment climate and support burgeoning business partnerships.
For his part, Mohamed Hamsho said that the Syrian business delegation's visit seeks to open up new horizons and build partnerships in the trade and investment sector. He called on the UAE private sector to invest in various business and trade activities in Syria.
Jamal Saif al-Jarwan, secretary general of the Emirates Council for overseas investors, stressed the importance of organizing the UAE-Syria private sector forum, during which opportunities for cooperation between UAE companies and their counterparts in the Syrian Arab Republic were discussed. Al-Jarwan said the forum saw a debate between the Council and a number of Syrian investors, who reported that Syria needed nearly $1 trillion for reconstruction, construction and the development of a number of economic fields and sectors over the next 10 years.
Among the vital sectors reviewed in discussions between the Emirates Council for investors abroad and a number of Syrian businessmen are the agricultural, industrial, touristic, real estate and renewable energy sectors, the Syrian side explained that the Syrian government is in the process of issuing The new investment law, which would facilitate the procedures and attract foreign investors.
He added: We have Emirati companies willing to return to invest in Syria in the light of the investment opportunities available and contribute to the reconstruction operations, and there is acceptance and welcome of the return of UAE companies to work and investment in Syria, and the Emirati investor in the case of anticipation of opportunities and returns and factors Security, safety and stability in the Syrian Arab Republic to re-invest and be active there.
The Secretary general said that Emirati businessmen and companies invest in nearly 70 countries around the world, noting the availability of investment opportunities in Arab countries, which are a priority for Emirati investors, as investment in Arab countries is a priority for Emirati investors.
The Forum witnessed the review of the most important investment opportunities and incentives available to Emirati investors, presented by the presidents and directors of Syrian Chambers and businessmen, who spoke about the promising and fertile investment sectors, such as investment in the tourism sector, the services sector and the industrial sector. And the alternative energy sector and trade through exports and the organization of economic fairs, and the construction sector, confirming their aspiration to establish business partnerships between the private sector of the UAE and the Syrian, and transfer them to wide levels and horizons, and to take advantage of the UAE expertise in the sectors and critical trade and investment areas.