New Syrian leadership to privatize oil, cotton, ports to boost economy
2 Min Read
The government is also exploring public-private partnerships to rehabilitate roads, airports, and railways.
-
Men work on a cargo ship docked at a terminal of the port of Latakia, Syria, Monday, December 16, 2024. (AP)
In a bid to revive Syria's economy, the newly formed government has unveiled a comprehensive plan to privatize state-owned enterprises and attract both foreign and local investments.
The announcement came from Syrian Foreign Minister Asaad al-Shaibani, who provided an in-depth overview of the reforms during his first interview with international media, published in the Financial Times.
The government aims to prioritize the privatization of industries critical to Syria's economy, including oil, cotton, and furniture production.
Al-Shaibani outlined the administration's vision, which centers on creating a legal framework that will encourage foreign investors while also incentivizing Syrian expatriates to reinvest in the country.
He remarked, "There needs to be law and there need to be clear messages to open the way for foreign investors, and to encourage Syrian investors to return to Syria."
Read more: Syria announces 400% pay hike for public sector employees amid reforms
Acknowledging the severe deterioration of infrastructure due to years of conflict, the government is also exploring public-private partnerships to rehabilitate roads, airports, and railways.
Al-Shaibani, however, cautioned that finding buyers for these assets may prove challenging, as many are in disrepair. Nonetheless, these partnerships are seen as a crucial step toward stimulating investments in essential infrastructure.
Path to reconstruction
This economic strategy follows a dramatic shift in Syria's political landscape. On December 8, opposition forces seized Damascus, leading to the resignation of President Bashar al-Assad, who has since sought asylum in Russia.
Interim Prime Minister Mohammed al-Bashir, previously affiliated with the Idlib-based opposition administration, has since taken charge and announced that the transitional government will remain in place until March 2025.
