Syrian Finance Minister Yisr Barnieh on Wednesday invited world traders to do business in Syria, following U.S. President Donald Trump’s surprising announcement to raise all American sanctions on the nation.
“Syria at the moment is a land of alternatives, with immense potential throughout each sector-from agriculture to grease, tourism, infrastructure, and transportation,” Barnieh stated in an interview with Reuters on the Finance Ministry in Damascus.
“We envision a central role for the private sector in the new Syrian economy. The finance ministry’s role is not to spend indiscriminately or act as a regulatory enforcer over businesses, but rather to enable and support growth.”
A wall exterior his workplace nonetheless bore the discoloured define of one of many many posters of former dictator Bashar Assad that used to hold in Syria’s public buildings earlier than his ousting by anti-regime forces final 12 months.
Changes in Syria have been swift since Assad fled to Russia in December of final 12 months.
Former anti-regime commander Ahmed al-Sharaa was appointed president, shaped a authorities and had fast success garnering Gulf Arab help and getting most European sanctions lifted.
The gorgeous flip of occasions was capped by a gathering between al-Sharaa and Trump in Riyadh on Wednesday after Trump’s pledge to stop U.S. sanctions imposed on Syria beneath Assad-family rule, measures extensively seen as the largest exterior obstacles to the nation’s financial restoration.
Trump has not set out a timeline for removing.
“One of the most critical outcomes of lifting sanctions would be Syria’s reintegration into the global financial system,” Barnieh stated.
“This would enable us to revive monetary flows and entice investments, that are urgently wanted throughout all sectors,” he stated, including that Syrian authorities have already seen sturdy curiosity from Saudi Arabia, the UAE, Kuwait, Qatar, and a number of other EU nations, amongst others.
He famous that the federal government is enterprise a complete overhaul of public monetary administration, together with reforms to the tax system, customs, and banking, a part of a broader effort to modernize an economic system lengthy burdened by an outsized public sector.
He additionally struck a cautioning tone, saying that the removing of sanctions can be simply step one in a years-long restoration for a rustic ruined by 14 years of conflict.
“The lifting of sanctions is not the final chapter,” he stated.
“We cannot afford to become complacent. We are entering a new phase that demands real results and visible progress on the ground.”
Source: www.dailysabah.com