Syrian economic development reviewed at 46th Damascus International Fair
Syria, Economics, 8/30/1999

The 46th Damascus International Fair was opened on Saturday night by Syrian Minister of Economy Muhammad al-Imadi, who acted on behalf of President Hafez al-Assad at the DIF's inauguration ceremony.

In a speech he delivered the Syria minister expressed Syria's backing for the establishment of the greater Arab free trade zone, which will link together all the Arab states. He added that Arab agreements which preceded the foundation of the Arab free trade zone have worked to cancel all or some customs duties as is the case between Syria and Saudi Arabia, Egypt, Kuwait, Qatar, Bahrain, Tunisia, Sudan and Libya.

Highlighting Syria's economic growth, al-Imadi said that Syria continued negotiations with the European Union to sign partnership agreements with the EU. The Syrian minister added that law no. 10 on encouraging investment in Syria gives investors the freedom to transfer their money in and out through the Commercial Bank of Syria in hard currency. He said that every Syrian citizen can open a bank account in a foreign currency and use it as they want.

He added, "We are working for the development and improvement of the banking sector by organizing training courses and using computers." He said the Syrian Ministry of Finance is also working to improve and modernize its legislation concerning the taxation system and the state budget as well as the work mechanism by using the computers and training workers on how to use them.

Recalling Syria's progress in all walks of life, al-Imadi said that in the field of irrigation, "Syria has built some 158 dams and has reclaimed thousands of hectares," adding that in agriculture, "Syria has managed to attain self-sufficiency in most crops."

The Syrian minister went on that in industry, "Syria succeeded in maintaining the state sector by bettering it and giving the private and mixed sectors the chances to invest in the domain of industry."

The Syrian minister gave in his speech a thorough explanation about Syria's development in the sectors of oil, gas, electricity, transport, communications, education, tourism and health.

Previous Stories:
  Damascus International fair opening   (8/28/1999)
  Preparations for Damascus International Fair underway   (8/27/1999)
  Syria, Jordan and Lebanon joint market discussions   (8/24/1999)
  Syrian, Lebanese officials meet on social insurance   (8/24/1999)

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