QAMISHLI, Syria (North Press) – The Autonomous Administration of North and East Syria (AANES) introduced facilitations to stimulate investors and attract capital to the northeastern regions of Syria for revitalizing economy and diversifying income sources.
These measures focus on attracting foreign investment by granting them rights and legal guarantees for protection, in addition to opening up to local investment by supporting it with production necessities and removing obstacles, according to officials of the AANES.
On September 11, the AANES issued an investment law consisting of 33 articles aimed at promoting and enhancing investment in northeastern Syria.
Releasing Funds
Officials of the AANES emphasize that this law is the most developed in the region because it includes incentives to attract and stimulate both local and foreign investments in their regions.
“The key provisions of the law include freedom to transfer and introduce funds to and from the northeastern regions of Syria, in addition to the freedom to introduce production lines and bring in expert labor from abroad,” according to Muhammad Shawqi, Co-chair of the Economy Board of the AANES.
“These incentives are real and not formal, not related to tax or customs exemptions but to the freedom to transfer funds and ownership during the project period and other key provisions of the law”, Shawqi noted.
Similar to other regions in Syria, the northeastern regions of the country have been affected by the ongoing war, leading to the migration of many capital owners, as well as the destruction and theft of vital economic facilities.
Over the past years, the AANES sought to expand efforts to develop the economy by initiating numerous projects to provide job opportunities and support the local economy. However, production remains limited due to the challenging conditions in the region, marked by economic sieges and the collapse of the Syrian currency, according to the officials.
The recently issued investment law aims to open up to local investment, improve the economic reality, increase local production, and encourage exports for sustainable development.
The Co-chair emphasizes that there are no obstacles to any investment in the northeastern regions of Syria.
“We have no obstacles for establishing investments, and the procedures are very simple, including licensing and establishing projects. Moreover, we support these projects with production requirements, whether related to fuels or others. Additionally, there are no customs barriers for importing the necessities of factories or plants into the northeastern regions of Syria, whether they are related to raw materials or production lines and others”, he added.
Future Projects
In addition to encouraging investment, the Economy Board seeks to implement future projects which in turn promote the attraction of capital.
The official considers establishing a free zone for trade in the northeast regions of Syria a key tool for attracting foreign investment and capital to the region. “It is expected that this project will begin soon”, according to Shawqi.
“The discussion on establishing large commercial complexes in the northeast regions of Syria aims to stimulate economy, trade, revitalize markets, and supply them with the necessary consumer goods and products, serving as a factor for the inflow of capital into the region”, the Co-Chair noted.
