Global Arab Network | Syria: Industrial Sector Contributes to 25% of GDP

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Syria: Industrial Sector Contributes to 25% of GDP

Global Arab Network - - Gamal Ragay

Sunday, 29 August 2010 23:26

Syria: Industrial Sector Contributes to 25% of GDP

Syria (Damascus) - The Syrian government pays great attention to the industrial sector, which constitutes the backbone of the national economy as it contributes to 25 percent of the Gross Domestic Product (GDP).

In its latest report, the Syrian Investment Commission indicated to the steps taken by the government to enhance the industrial sector such as building industrial cities, taking the required legislative measures and opening the door wide before the private sector to make investments in various domains.

The industrial policy in the country depends on promoting light industries and upgrading the capital-efficient heavy industries.

The report also pointed out that several development plans will be implemented in the 11th five-year plan which aims at transforming the economy into the social market economy along with reducing the dependence on oil sector to make the industry a basis for achieving economic growth.

The report said that the private sector will further contribute to the investment process through the 11th five-year plan which provides a lot of incentives to investors, particularly in the industrial cities.

It added that the industrial sector attracted a large number of investments in 2009 to rank first among other economic sectors as 120 industrial investment projects were implemented in that year.

The Investment Commission said that it follows up the covered projects implemented in the period between 1991 and 2009 which amounted to 3301 projects with an execution rate of 18,4 percent where the execution rate in 2009 was 28 percent with 279 projects.

The number of the underway projects which gained an industrial and agricultural authorization in addition to the implemented transport projects has reached 58 including the industrial cities which were established with investment costs estimated at SP 39, 7 billions (1USD is equivalent to 47 SP) while the implemented projects in the same year which gained a partial and final registry have amounted to 20 projects.

The Commission indicated that the number of the covered engineering projects in 2009 hit 51 projects (31, 8 percent of the whole industrial projects covered between 1991 and 2009) to occupy the first place among the other covered projects which amounted to 443.

The number of food projects reached 390 or 27, 9 percent of the whole food projects and 20, 5 percent of the industrial projects in the period between 1991 and 2009 while only 8 industrial projects were carried out in 2008.

The indicators show that there is a rise in the number of the implemented and under- implementation industrial projects in 2009 where they hit 51 out of 130 covered industrial projects including the industrial cities. Subsequently, the implemented and underway projects from 1991 to 2009, which reached 944 projects, achieved an execution rate estimated at 67, 6 percent of the covered projects at that period.

The report of the Investment Commission said that the Syrian government works on increasing the rate of economic growth through developing the infrastructures to attract Syrian, Arab and foreign businessmen to make more investments in the country.

The report also indicated to the internal factors which played an important role in the economic growth in 2009 such as the gradual liberalization of economy which has created a suitable atmosphere for making internal investments.
(SANA)

Global Arab Network

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