Call for reviving the private economic sector
Syria, Economics, 5/20/2005

Minister of Economy and Trade, Amer Loutfi has said that Syria is working to build a competitive free economy with strong participation of the private sector.

During a symposium on Growth and Economic Change in Syria, which was organized by the Ministry of Economy and Trade in cooperation with the World Bank yesterday, Loutfi added that the mechanisms of the market economy are being drawn so that a wide margin of economic freedom will be available to help the individual economic initiative to succeed and this always comes from the private sector.

He pointed out that the state intervention will be intelligent in creating the conditions for the success of the private sector in building the national economy.

He said that the government is also working on a banking system and on the monetary system to maintain a stable exchange rate in order to allow the private banks to finance the economic projects properly.

For his part, Vice President of the World Bank for the Middle East and North Africa, Christian Portman, said that Syria is still facing challenges in spite of the development in various fields because the economic transformation has no ready-made solutions and so Syria should utilize the expertise of other countries to determine her own strategies according to the available potentials.

He expressed readiness to extend support to Syria with numerous studies that help in detecting the points of strength and weakness in the Syrian economy.

For his part, a World Bank expert, Moustafa Nabulsi said that Syria needs to create between 1.5 to 3 million job opportunities during the next ten years. He saw that Syria also needs to act quickly in the direction of the economic transformation in order to face the running out of oil reserves that would weaken the income so that the strong participation of the private sector, enhancing the woman's role in the development process and promoting investment climate are needed for Syria to overcome the challenges.

Previous Stories:
  Industry congress in syria to develop national industry, today   (5/18/2005)
  People's Assembly to study a report on stock markets   (5/18/2005)
  Nadia Zein: WIB forum is an occasion to encourage investors, partnerships   (5/16/2005)

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