Syria and Chinese company sign 20-year memorandum to invest in free zones - Economy
The General Authority for Land and Maritime Ports said on X that it had signed a "strategic agreement" with the Chinese company Fidi.
The deal gives Fidi full operation rights over the Hessia free zone in the central province of Homs where an industrial zone would be developed on 850,000 square metres (210 acres) of land.
It also grants Fidi rights to invest in 300,000 square metres of the Adra free zone on Damascus' outskirts, where the focus would be on commercial and service products for the local and regional markets.
Syria has numerous free zones offering foreign investors benefits including full tax exemptions, the freedom to hire local or foreign labour and unrestricted transfer of foreign capital.
The country's new Islamist rulers hope the imminent lifting of US and European sanctions will kickstart an economic recovery, after 14 years of devastating war.
China was a major backer of former president Bashar al-Assad alongside Russia and Iran before his overthrow in December.
Along with Russia, it repeatedly used its UN Security Council veto to support the Assad government and block Syria-related resolutions during the conflict.
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