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Syria: Saudi investments participate in vital development projects

Global Arab Network - - Rabih Serrai

Sunday, 07 March 2010 00:00

Syrian-Saudi Ministerial Committee meetings started on Saturday, chaired by Syrian Minister of Finance Mohammad al-Hussein and his Saudi counterpart Ibrahim al-Assaf.

Minister al-Hussein said the meetings of the Committee mark a new stage of Syrian-Saudi economic cooperation, stressing the need for overcoming obstacles hindering the expansion of bilateral relations.

He noted that Saudi Arabia is Syria's biggest trade partner, with trade exchange between the two countries amounting to USD 2 billion by the end of 2009, underlining the prominent standing of Saudi investments in Syria which are mostly focused in real-estate, tourism, industry and services sectors.

Al-Hussein stressed that the two countries' considerable economic resources allow them to elevate economic relations to match the level of the political relations between them.

He also pointed out to the participation of the Saudi Fund for Development in various vital development projects in Syria during the past decades, providing 12 loans with an overall value of SR 1.4 billion.

For his part, Minister al-Assaf underlined the significant progress in Syrian-Saudi relations that reflects the care given by the two countries' leadership to these relations, affirming that the Committee is an important element for developing and bolstering bilateral relations in various fields.

The Saudi Minister stressed the importance of boosting economic cooperation between Syria and Saudi Arabia by continuing coordination and deliberation, increasing trade exchange and removing obstacles hindering the movement of goods between the two countries.

Al-Assaf emphasized the importance of encouraging the Syrian and Saudi private sectors to establish more investments and increase participation in joint projects, which number over 421 projects.

He went on to affirm his country's desire to bolster cooperation with Syria in the fields of higher education, health, electricity, media, tourism, archeology, Islamic and social affairs, youth and sport, noting that the Saudi side suggested signing cooperation agreements in several of these fields.

The Saudi Minister also reviewed the development projects undertaken by the Saudi government, underlining the efforts exerted by the government to provide a suitable atmosphere for attracting foreign investment which made Saudi Arabia the first among Arab countries in term of incoming investments despite the global financial crisis.

The Committee will be discussing over two days Syrian-Saudi relations and means of developing them especially in the economic and investment fields.

1st Syrian-Saudi Businessmen Forum Discusses Development of Trade and its Effect on Investments

Activities of the 1st Syrian-Saudi Businessmen Forum kicked off on Saturday with the participation of more than 200 leading Saudi companies and businessmen from both countries.

The two-day forum will discuss ways to develop bilateral trade and its impact on mutual investments opportunities in the sectors of tourism, oil and mineral resources, energy, food and agro-industries.

Prime Minister Mohammad Naji Otri said that holding the Businessmen Forum and the 11th session of the Syrian-Saudi Ministerial Committee follows the directives of President Bashar al-Assad and King Abdullah Bin Abdulaziz Al Saud which aim at developing economic cooperation between the two countries.

Otri pointed out to the depth of deep-rooted Syrian-Saudi relations and the remarkable development in the business and investment environment in Syria due to the economic policies and financial and banking reforms that aim at economic openness, liberating prices, gradual shifting towards social market economy, expanding the role of the private sector, boosting partnership among national economy sector, developing legislations and administration systems, modernizing infrastructures, and bolstering competitiveness.

He went on to underline the positive results of the steps taken by government regarding reform, noting that national economy achieved good annual growth in the GDP, with the participation of the private sector rising to around 65.5% and the state general balance increasing from SP 460 billion in 2005 to SP 754 billion in 2010, in addition to a marked increase in bank deposits and credits, non-petroleum exports and industrial investments.

Otri underlined the remarkable standing of Saudi investments in Syria, which encompass various fields such as construction, health, transport, chemical, medical, food and agricultural industries, and many other sectors. He also stressed that the economic activity in Syria affirms its importance for investment and reflects the government's commitment to providing an investment atmospheres that attracts and encourages investors.

The Prime Minister said the Forum is an opportunity for dialogue, discussion and producing ideas to enrich the process of investment and development in Syria, affirming that the government will give significant consideration to the Forum's recommendations and suggestions.

In turn, Minister of Finance Mohammad al-Hussein underlined the importance of the Forum and the role of businessmen and the private sector in developing economic relations and increasing investments and trade exchange between the two countries, stressing the need for providing suitable legislations and the necessary facilitations to the business sector.

For his part, Saudi Minister of Finance Dr. Ibrahim al-Assaf pointed out to the remarkable development in Syrian-Saudi trade relations in recent years and the wide scale reforms in both countries' investment environment, saying that Saudi Arabia showed care for openness to foreign investments, providing all the requirements for creating a transparent, stimulating and competitive legislative environment.

In turn, Secretary General of the Council of Saudi Chambers of Commerce and Industry (CSCCI) Fahd Bin Saleh Al-Sultan said the Forum embodies the Saudi government and private sector's inclination towards bolstering economic relations with Syria, stressing the need for benefiting from the characteristics of both countries' economies in order to increase trade exchange.

For his part, head of the Syrian-Saudi Business Council Mohammad Omar Shoura expressed the Syrian businessmen's commitment to implementing strategies and goals that achieve the aspirations of both countries' governments and develop the economic level of the two friendly countries.

The Forum discusses the possibility of establishing big joint projects, the role of local administration in facilitating investments, means for shifting to modern agriculture, and more, in addition to reviewing the investment map, investment opportunities, the industrial cities experience in Syria, and the experiences of various Saudi companies in the field of investment.

Syrian-Saudi Business Forum 1st Session Focuses on Reality and Opportunities of Investment in Syria Deputy Prime Minister for Economic Affairs Abdullah al-Dardari asserted that the Syrian economy has enjoyed a great development over the past few years through creating effective investment environment.

During the Syrian-Saudi Business Forum 1st Session, Dardari added that in the coming years the Syrian government will focus on finding a competitive economy and active institutions in addition to curbing poverty and creating a suitable atmosphere of fair competition.

He indicated that the government has made many financial and tax reforms to reach an effective management of taxes to increase the investments in Syria.

Dardari went on to say" We must find distinguished infrastructures to achieve a competitive economy. Therefore, we try to spend USD 50 billions to develop the infrastructure in various domains." He pointed that the sum will be spent through the governmental budgets in cooperation with the private sector according to a certain partnership methodology.

He clarified that Syria will work on developing the financial and banking systems in addition to increasing the shares of foreign investors and broadening the basis of ownership and investment at Damascus Securities Exchange.

He added that labor law will be amended in addition to taking many measures to encourage competition and ban monopolization in order to move towards the social market economy.

Saudi Investors: Developing economic relations and removing obstacles

Later on, a number of Saudi investors expressed the importance of the forum and its role developing the economic relations and removing any obstacles that may impede the implementation of mutual investments in addition to introducing advantages and investment opportunities and facilities provided by Syria to investors.

In a statement to SANA reporter, They considered it as an important occasion to exchange ideas and identify sectors which are in need of investment in Syria. (SANA)

Global Arab Network

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