Is it possible to start investing in Syria? Read about the different industries in Syria and the possibility of investing in them in this content.
Investigation of various industries in Syria and the possibility of investing in them
In the previous section, we have examined in detail the investment market and the laws governing these markets in Syria. Syria, as one of the countries in the Middle East region, has been undergoing reforms and changes in its economic system for nearly two decades, with significant shortcomings in the infrastructure of various sectors of the economy. . It has been said earlier that the Syria’s economy is regarded as a small economy, with the government always trying to attract and expand foreign investment.
The government has taken a number of steps in this regard and has made the conditions for investment of legal and natural persons somewhat appropriate. Following on from Sindbad, we intend to describe the situation and conditions of various sectors of the economy in Syria.
Syria Economy: Oil and Related Industries
Oil and its related industries in Syria, like all other countries in the Middle East, play an important role in its economic development. Oil is the economic backbone for Syria, and according to the latest statistics, Syria produces 405,000 barrels of oil per day, of which 175,000 barrels are exported to the world daily. Its oil reserves are estimated at 4.2 billion barrels.
Syria’s oil fields are mostly located in the eastern and northern parts near the Iraqi-Turkish border, and its export terminals and refineries are mainly in the western part and close to the Mediterranean.
Natural gas and its relation to the development of the Syria’s economy
Natural gas in Syria is one of the most important fuels in domestic and industrial consumption and plays an important role in economic development. Syria is seeking to exploit natural gas and replace it with fuel and expand its products. Natural gas production in Syria is 5.8 billion cubic meters and its consumption in Syria is about 1.5 billion cubic meters. Syria’s natural gas reserves are also estimated at 240 billion cubic meters.
Opportunities to invest in Syria’s industries
The various sectors of industry in Syria have always been affected by the small, government-dependent economy, and it has not been able to play its part in boosting economic growth. Accordingly, the Syria’s government has made great efforts in the past decade to bring about appropriate change and reform.
Syria’s industrial sector is one of the underdeveloped sectors, accounting for 1.25% of its GDP. The Syria’s government and business and economic circles, of course, are seeking to diversify industries to achieve self-sufficiency, with the aim of establishing assembly plants and issuing new investment laws by the government, including measures taken in the process of developing the industry there. Are. Syria has many investment opportunities in this sector. Syria’s industrial priorities include cement, glass, superphosphate and ammonia fertilizers, urea, tires, artifacts, vehicles and various projects in the engineering, chemical and food industry and textile industries.
Agriculture is an important part of the Syria’s economy
Agriculture is another part of the Syria’s economy that often survives traditionally. However, it has an important role in people’s lives. The Syria’s agricultural sector is one of the most important and vital sectors of its economy. This part of the Syria’s economy is particularly important as nearly 26% of the Syria’s workforce is active in the sector and its share of GDP is approximately 25%.
Much of the narrow strip of agricultural land in western Syria ranges from Lebanon to Turkey, which has a Mediterranean climate and is very fertile and has products such as fruits, olives, tobacco and cotton. The eastern part of this section is a continuation of the mountains to the north to the east of the Orantis River Valley. The swamps surrounding this river form the most fertile land in Syria. One of Syria’s most important agricultural problems is the fluctuation of the annual Syria’s agricultural output due to the lack of adequate irrigation systems.
However, since the early 1990s, with the introduction of modern irrigation and investment programs in this sector, annual agricultural output has increased. The Syria’s agricultural sector has a relative advantage due to its relatively favorable climate and cheap labor force, and it can be said that investing in conversion industries and using foreign investment in this sector and exporting agricultural products to other countries has a bright prospect.
Transportation and Tourism Services
Among the most important sectors of Syria’s economy is the service sector, which accounts for 60% of the workforce and accounts for 1.50% of GDP. The country’s transportation and tourism sectors are two important subgroups of this sector in Syria. The Syria’s government has been working to develop and facilitate economic relations with neighboring countries to establish relatively large networks of roads and railways. The country has often been a transit hub for export of Turkish and Lebanese goods to the Persian Gulf countries, and pursues specific goals in developing its transportation industry. Tourism is also one of the major sectors of the country’s economy.
The Syria’s government has made great efforts to obtain foreign currency and proceeds from this sector and has planned relatively large-scale actions in the seaside and ancient areas. The unique geographical and tourist location of this country, as well as its ancient civilization and rich culture have made it a great place to have ancient monuments, mosques, churches, tombs and places of worship and pilgrimage. Syria’s tourist centers include religious sites such as the Zainab (AS) and Ruqia (AS) tents, historical sites such as the old Damascus bazaar and beach resorts in western Syria.
Syria is a small and heavily dependent state in the Middle East. However, over the past two decades, the government has made great efforts to expand its economy in the oil and gas, agriculture, various industries and services sectors. The government’s aim is to increase the country’s ability to attract foreign investment to expand the economy.
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