Idlib free zone planned
Syria aiming for investment
Global investor interest
Syria has started work on a new free zone in the Idlib governate, seeking global investors to support its post-war economy.
Despite heightened geopolitical tensions, The General Authority for Land and Sea Ports has taken the initial steps to build the Idleb Free Zone Project, the state-run Sana news agency reported.
Covering an area exceeding 1.1 million square metres, the project includes an industrial and commercial zone as well as a dry port, the report said.
The move comes after the US lifted its sanctions last month after 14 years, allowing the rebuilding of the war-torn nation to commence, but comes at a time of rising geopolitical tensions in the region as a result of the Israel-Iran conflict.
No financial details or completion timeline was given.
The project is expected to increase commercial and industrial activity, create local employment and attract new industries.
The proposed dry port is a major pillar of the project, enabling the region to export its agricultural and industrial products directly to overseas markets.
A second free zone dedicated to car showrooms and trade is being planned.
This month the central bank governor Abdulkader Husrieh said that Syria will be fully reconnected to the Swift global payment system within weeks.
In May Saudi Arabia and Qatar jointly repaid Syria’s $15.5 million outstanding debt to the World Bank.
Saudi Arabia’s foreign minister Prince Faisal bin Farhan Al-Saud said this month that the kingdom and Qatar will jointly offer financial support to Syria.
