Syria's stock market law shows determination for economic reform, minister
Syria, Economics, 6/21/2005

With issuing Law No 22 for the year 2005, Syria has made an advanced step on the road of creating a Syrian Stock Market, Finance Minister Mohammad al-Hussein stressed Sunday.

He pointed out that the commission will be independent and associated only with the Prime Minister. The law provided the commission with flexibility that is sufficient to act in inspecting and supervising the sector of the Syrian Stock Market.

In a statement to SANA, the Finance Minister indicated that the creation of the commission and, later, the stock market will contribute to complete the building of the modern Syrian economy which is longing for more growth and integration into the world economy.

Minister al-Hussein said "the Syrian stock market will be of a great importance in encouraging investment and the creation of public stock companies. It will also be transparent and a practical framework to mobilize and re-employ Syrians' savings in investment activities and development projects. This is in addition to encouraging Arab and foreign investors to bring their investment to Syria."

The minister concluded his statement by saying that the creation of the Syrian Stock Market commission after opening the Syrian insurance sector for private companies, and the creation of the private banks, confirm clearly that Syria is determined seriously and with strength, to go on with the process of economic reform in the country.

Meantime, Governor of Central Bank of Syria Adib Mayaleh has said the latest Law No. 22 on setting up the Stock Market Board in Syria was a necessary and important step to complement other laws and legislations issue over the past few years.

Mayaleh told SANA in a statement Monday that the Law aims to restructure financial and banking sectors and developing them to serve transparency as agreed upon by the latest congress of al-Baath Arab Socialist Party.

He added the stock market serves as the cornerstone on which the social economic market would be built and would organize citizens participation in the existing companies and those future ones.

For his part, Rateb Shallah, Chairman of the Federation of Trade Chambers in Syria said in a similar statement that the stock market law is the basis for real economic growth in the country.

He expressed hope the law would be a gathering point and source of confidence for all those concerned whether on the side of investors or businessmen.

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