Syrian business leaders call for innovation, collaboration, growth on sidelines of World Governments Summit
Syria's economy has cratered as a result of its prolonged civil war and international sanctions. With the new government formed following the downfall of the Assad regime, new opportunities now abound for the Arab nation. Economic experts estimate that rebuilding Syria's infrastructure alone could cost upwards of $400 billion, presenting both challenges and opportunities for investors and business leaders.
Asaad Hassan Al-Shaibani, Minister of Foreign Affairs and Expatriates delivered opening remarks at the event, and also in attendance was Dr. Abdallah Al Dardari, UN Assistant Secretary General, UNDP Regional Director for Arab States. The high-level participation underscored the growing interest in Syria's economic rehabilitation.
The discussion focused on practical steps toward economic recovery, with particular emphasis on rebuilding key sectors such as manufacturing, agriculture, and technology. Several attendees highlighted the importance of engaging Syria's extensive diaspora community, which has established successful businesses across the Middle East and beyond.
According to a document published alongside the event and authored by Dr Anas A Kozbari, Managing Partner and CEO of Invest Group Overseas, an essential step in building economic growth is through fostering dialogue between the country's new government and the private sector.
'Transparent discussions can help bridge the gap between policy and practice, ensuring that economic regulations and reforms align with the realities on the ground. Business leaders can provide valuable input on taxation, trade policies, and investment incentives to foster a more business-friendly environment,' Kozbari wrote.
The document also outlined an 11-pillar programme for reviving the Syrian economy:
Political stability
Lifting sanctions
Reconstruction aid
Economic reforms
Private sector revival
Agriculture
Energy sector
Trade & export
Education & workforce
Tourism industry
Rule of law
Each pillar represents a critical component of the country's economic recovery strategy, with specific actionable steps and recommendations for implementation. The comprehensive approach reflects the complex nature of Syria's economic challenges and the need for coordinated action across multiple sectors.
The event also helped to lay the foundations for an economic forum to be held later this year in May 2025. This upcoming forum is expected to attract international investors and development partners, marking a significant step in Syria's reintegration into the global economy.
'Syria's economic recovery requires bold and collaborative action. Convening a conference of top Syrian business leaders is an essential step toward addressing the country's pressing challenges, fostering innovation, and creating strategies to counteract the effects of sanctions like the Caesar Act. By prioritising collaboration, self-sufficiency, and synergy between the private sector and the new government, this gathering has the potential to chart a path toward sustainable growth and prosperity,' Kozbari wrote.
The meeting also addressed practical challenges facing businesses operating in Syria, including infrastructure rehabilitation, access to financing, and the development of human capital. Participants emphasized the need for sustainable solutions that would create long-term economic stability rather than quick fixes.
'As Syria navigates this challenging chapter in its history, the collective efforts of its business leaders and policymakers can lay the foundation for a brighter future – one where economic stability and resilience are within reach, even in the face of external pressures,' Kozbari concluded.
The summit demonstrated a growing consensus among Syrian business leaders about the need for coordinated action to rebuild the country's economy, with particular emphasis on sustainable development and private sector engagement.
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