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Syrian Army's Progress Against Militants Boosts Investment Across Syria

© Sputnik / Mikhail Alaeddin / Go to the photo bankChristmas festivities in Damascus
Christmas festivities in Damascus - Sputnik International
With the Daesh (ISIS/ISIL) caliphate decimated, and the Syrian Army continuing to advance against other hard-line Islamist militants - mainly in the north-western province of Idlib - investor and business confidence is on the rise, with over 500 new corporations launching in 2017.

In the latter part of 2017, two private airlines launched, doubling the number of private airlines in the country's recovering aviation sector.

Meanwhile, domestic investment vehicle Damascus Cham Holding announced that it had signed a 108 billion SYP (approximately $270 million) contract to build a mall and other buildings in the Al Razi area of Damascus.

Foreign interest in Syria's post-war economy has also spiked, with a parliamentary delegation from Brazil visiting the country to bolster bilateral trade, gauge scope for investment opportunities, and further normalize diplomatic relations.

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In a meeting with Syrian Minister of Tourism Bishr Yazigi, Lebanon's Ambassador to Damascus said Lebanese businesses and investors have expressed interest in Syria's post-war economy, and have called for cooperation between the two nations to catalyze investment and trade.

Concurrently, the Syrian government is stepping up reconstruction in the strategic province of Aleppo, with President Bashar Assad sending a delegation — headed by Prime Minister Imad Khamis — to the area to discuss initiatives and programs with industrialists and local investors.

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Aleppo served as the country's pre-war economic and manufacturing hub, and authorities are seemingly keen to rebuild the area — especially the Sheikh Najjar industrial district — to increase the flow of domestically produced goods to reduce the country's reliance on imports.

Although nationwide reconstruction is unlikely to occur without significant foreign financial aid, the aforementioned developments are encouraging, as they provide jobs, counter inflation, and restore imperative infrastructure.

The views expressed in this article are solely those of the author and do not necessarily reflect the official position of Sputnik.

Follow Suliman Mulhem on Twitter.

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