Syrian top official addresses "Focus on Syria" conference in London
Syria Times
11/11/2007

A "Focus on Syria" conference was opened on Wednesday in the London World Financial Centre, by the British Syrian Society.

Deputy Prime Minister for Economic Affairs Abdallah al-Dardari shed light in his address on the most significant economic developments in Syria, especially after the approval of the 10th Five-Year Plan, a milestone in the development process in Syria.

He explained that the Plan focuses on three major development topics namely increasing the growth rate of the Gross Domestic Product (GDP) up to 7 per cent in the coming years; ensuring job opportunities, reducing unemployment rate from 12 to 8 per cent and alleviating poverty rate from 11 to 9 per cent by 2010.

Al-Dardari pointed out that the growth rate rose from 4 per cent in 2004 to 5.1 per cent in 2006, expecting to reach 6.2 per cent this year.

He outlined the most recent important legislation, decisions and measures that have significantly contributed to improving the environment of investment, stressing the importance of direct foreign investment for increasing the growth rate.

Sir Gavyn Arthur, former Mayor of London, highlighted the undergoing development in Syria, calling on British investors to head to Syria to launch projects therein and to benefit from the available big opportunities.

Fawaz al-Akhras, co-chairman of the society, affirmed the need for the Syrian economy to benefit from the expertise available in the conference.

Al-Akhras made a presentation on the most prominent recommendations of previous conferences, which have been fulfilled, pointing out that the Syrian government has remarkably responded by solving most relevant issues. "Syria possesses elements of successful investments," he stressed.

In the first session of the conference the entitled "Environment of Investment", headed by Wafik Rida Sa'eed, speakers were Gai Ghentli, adviser to the economic institution 'MITA'; Bashar Jazmati, director of the Middle East and Africa at HSBC Bank; and Peter Young, director of International Adam Smith Institution. Young made a presentation on a profound study he conducted on the Syrian economy highlighting its promising capabilities and opportunities.

Successful experiences of investors in Syria were presented in the second session, where investors presented their relevant experiences and the success they scored as well as the opportunities for successful investment provided by Syrian laws.

Governor of the Central Bank of Syria Adib Mayaleh outlined the recommendations made in the previous conference, explaining in detail the measures taken by the Central Bank and monetary and financial authorities to develop the banking sector. Outlining the most important relevant laws and decisions, Mayaleh highlighted the growth of private and banking sectors in Syria.

The third session, headed by Koshima Shahlawi, focused on elements of attracting investors to Syria. Speakers were David Friman, from Tomas Iver; Bassel Hamwi, General Manager of Audi Bank Syria, Amer Mujtahed, Director of ICT in SyriaTel Company; and Ahmed Rajab, executive director of Wilis Company.

In the closing session, headed by the Executive Director of the British Syrian Soceity Ghayth Armanazi, speakers were Deputy Foreign Minister Faysal Miqdad and former UK Ambassador in Damascus Peter Ford.

Meqdad stressed the role of the diplomatic missions in Damascus in making a success the process of economic reform in Syria, and the role that Syria expects the European Union to play in enhancing EU-Syrian economic ties.

Meqdad confirmed the importance of Syrian-British relations, which Syria is seeking to strengthen in all domains.