07:14 GMT +316 December 2018
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    A stand of the Islamic Republic of Iran at the 59th Damascus International Fair which was opened for the first time since the armed conflict in Syria broke out.

    Russian Delegates to Join Damascus Fair to Restore Syrian Industries

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    MOSCOW (Sputnik) - During the annual Damascus International Fair, a Russian business delegation will get a chance to organize joint initiatives with Syrian colleagues to restore infrastructure and discuss the issue of currency settlements, Vice-President of the Russian Chamber of Commerce and Industry Vladimir Padalko told Sputnik.

    "The main goal of Russia's participation is to look at those areas where it is already possible to organize joint work with the Syrians to restore Syrian industrial infrastructure," Padalko said.

    The 60th Damascus International Fair will be held between September 6 and September 15, and it will bring together representatives of 48 countries during the event. Padalko also noted that 38 Russian companies will attend the event.

    Topics For Discussion

    Padalko mentioned the issue of restoring the facilities that were destroyed by war. He explained that it was "necessary to start from basics: to organize a cluster of companies that produce construction materials to restore the installations connected with energy supply, social sectors, among others."

    Thus, businesses and manufacturers which were interested in working in Syria, not only as suppliers but also as possible founders of joint ventures were invited to the delegation, he noted.

    In addition, Padalko mentioned the issue of finance and monetary transfers referring to it as one of the key issues up for discussion with the Syrians.

    "Syria is under sanctions. Currency movements in one direction or the other are almost impossible, so we should find some other forms of mutual settlements. Apparently, these will be Russian loans, reimbursable ones," he explained.

    READ MORE: Moscow, Tehran, Ankara Ultimately Want Put an End to War in Syria — Russian FM

    Padalko also noted that some Syrian businesses did have foreign currency reserves, and the way these would be used in the future was up for discussion. However, this issue still requires clarification and Pedalko expressed hope that it will be achieved during work in Damascus.

    Business Council

    The Russian-Syrian Business Council, which is scheduled to take place in Damascus between September 7 and September 10, will be attended by all delegates from Russia, without exception, Padalko revealed. 

    "We see a great interest in this event not only among the Syrians, but also among foreign guests who will be in Damascus for the industrial fair during this time," the vice president of the Russian Chamber of Commerce and Industry said.

    Representatives of Russia's Ministry of Industry and Trade and their colleagues from Syria, bank representatives, Syrian Central Bank representatives and others will attend the plenary meeting within the framework of the council.

    Roundtables on pressing issues will be held after the meeting. Participants will discuss industry and energy, personnel training, the agricultural sector, and the production of agricultural machinery and machinery for the food processing industry. Trade, transport, communications and telecommunications, as well as issues related to bilateral cooperation between Russian and Syrian enterprises, will also be discussed.

    "Some 120 companies from the Syrian side have expressed a desire for B2B communications with our enterprises," Padalko said.

    READ MORE: Iran Plans to Supply Syria With Its Own Jets, S-300 Analogues — Reports

    According to director of the Syrian state organization of exhibitions and markets, Fares Kirtli, Russia's participation in the exhibition will be substantial, with 500 square meters (5,382 square foot) of space allocated for the country.

    He added that the exhibition, which will have a total area of 90,000 square meters (22.2 acres) will open on September 6. According to Fares Kirtli, some of the countries that plan to participate in the exhibition will be represented officially through embassies, or through companies.

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    Tags:
    sanctions, business, Syrian Civil War, 59th Damascus International Fair, Government Business Council, Syria, Russia, Damascus
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