The UAE and Syria are discussing developing economic relations and expanding partnership horizons
05/10/21 Filed in: Economic
On the sidelines of the exceptional international event, Expo 2020 Dubai, and with the aim of enhancing means of economic cooperation, Abdullah bin Touq Al Marri, Minister of Economy, met with Muhammad Samer Khalil, Minister of Economy and Foreign Trade of Syria, and the two sides discussed frameworks for developing economic relations and expanding horizons for a fruitful and promising partnership between the two countries.
The two parties approved action plans to create new paths for economic integration and develop exchange in some important sectors on both sides, and agreed on future plans for joint action during the next stage, to enhance the flow of trade. They also discussed the economic challenges facing Syria at the present time and ways to overcome them, and they discussed the possibility of access To new levels of cooperation in the economic and investment aspect.
Partnership DurabilityAbdullah bin Touq Al Marri stressed the depth of the economic relations and the Arab, brotherly and historical ties that unite the two friendly countries, pointing out that the partnership between the two countries in the economic fields is witnessing continuous growth, which reflects the strength and durability of the Emirati-Syrian partnership at various levels, and we hope during the next stage to develop relations to achieve Higher rates of partnership to meet the aspirations of the two countries and their economic potential, and to take advantage of new opportunities, especially through investment in vital and future sectors.
Ibn Touq explained that the UAE is the most important trading partner of Syria at the global level, as it ranks first in the Arab world and third globally, and accounts for more than 14% of Syria's foreign trade, indicating that the volume of non-oil trade exchange during the past year 2020 amounted to about 2.6 billion. dirhams, and during the first half of this year 2021 about one billion dirhams, while the value of Syrian direct investment in the UAE exceeded 1.5 billion dirhams at the end of 2019.
He briefed his Syrian counterpart on the most prominent developments in the UAE economy in light of the announcement of the fifty projects and the launch of a package of strategic and qualitative initiatives that promote the transition towards a new economic model that is more flexible and sustainable and opens up broader horizons for investment and commercial partnerships, and reviewed the updates witnessed by the economic legislation in the country, especially the liberalization of Investment by allowing 100% foreign ownership of projects and companies in all economic activities and sectors, with the exception of limited activities that have a strategic impact on the state, which enhances the opportunities for Syrian investors and companies wishing to establish and expand their businesses in the UAE.
Develop investment partnershipsMuhammad Khalil stressed the strength of the Syrian-Emirati relations, and his country's keenness to expand economic cooperation relations between the two countries in all areas of common interest, and to develop investment partnerships between the private sector in the two countries, focusing on the small and medium enterprises sector, which is a major driver and main supporter of the two countries' economies. Khalil gave a presentation on the latest economic laws in the Syrian Republic, especially the recently issued investment law, which provides an appropriate investment environment, attractive advantages and facilities for the stage of economic recovery and reconstruction and encourages investors to set up projects in all fields. He congratulated the UAE on the launch of the Expo 2020 Dubai activities in light of the exceptional challenges posed by the "Covid 19" pandemic, stressing that the exhibition provides a golden opportunity to open channels of communication, exchange experiences in various sectors, and enhance cooperation between countries.
The meeting reviewed plans to diversify economic opportunities of common interest, and it was agreed to re-form and activate the Syrian-Emirati Businessmen Council, with the aim of encouraging trade and investment exchange and cooperation on the economic level between the two countries.