Syria - Spain economic relations highlighted
Spain is one of the powerful European economies as its economy represents about 6.4 percent of Europe's GNP. It is also the 10th largest economy in the world in terms of GNP.
Despite ancient historical ties linking Syria and Spain, economic relations between the two countries do not match available trade and investment fields potentials. Trade exchange between Syria and Spain balance has tilted in favor of Syria since 1992, but 96 percent of Syrian exports to Spain rely heavily on raw oil and cotton, cotton underwear, and carpets.
Joint projects are still modest and do not reflect available opportunities and capabilities in the framework of bilateral cooperation or the Syrian-European Partnership, expected to be signed soon.
The main items imported by Syria are: barley, lubrication oils, railway tracks, iron bars and corrugated iron, air pumps, plastic granules, antibiotics, Cocoa powder, woods, cardboard, refined sugar.
It is noted that Spanish investments in Syria, despite great industrial and agrarian capabilities enjoyed by Spain, are modest. Such capacities could be transferred to Syria through investment firms using local promising markets.
As for tourism sector, 6,263 Spanish tourists visited Syria in 2002, compared to 6,469 Syrian tourists who visited Spain in the same period. Those figures show considerable weakness in this field.
Both countries signed several agreements in the fields of tourism, information, trade, finance and agriculture over the past few years.
Syria hopes that the visit of King Juan Carlos of Spain and Queen Sofia would help boost trade and economic relations between the two countries.
