Al-Assad issues directive to attract Arab and foreign investment

Syrian President Hafez al-Assad on Saturday issued the legislative decree no 7 for the year 2000. It provides for the amendment of 10 articles of the law no 10 on encouraging investment released in 1991.

Among other things, the amendment give Arab and foreign investors the right to own and rent real estates for carrying out investment projects, free investors of taxes according to provisions of the Law, free dealers of sea freight of taxes on profits and render new facilities for would-be investors in terms to encourage investment in the country.

In a statement released on Saturday, the Syrian minister of the economy and foreign trade Muhammad al-Imadi welcomed the new introduced amendments as an implementation of President al-Assad's directives which was earlier demonstrated in the speech the President addressed to the People "s Assembly ( parliament) at the beginning of the new constitutional term.

The minister said that the new amended decree aims at opening the door wide for new Arab and foreign investments intended to increase production, create job opportunities for the workforce, ensure the requirements of the market, enhance the country's economic capabilities, increasing the national income and improving the standards of living conditions.