Assalamu Alaikum - Syria's plan to rebuild through investment, not aid
Assalamu Alaikum. Syria has reported attracting about $28 billion in investments since last year’s change of leadership, President Ahmad Al Shara said, offering mutually beneficial deals so the country can rebuild itself without depending on aid.
Speaking in Riyadh in the presence of the Saudi Crown Prince, Mr Al Shara said Syria will "rebuild every stone that was destroyed" during the civil war. He met with bankers and investors before addressing a major investment summit - a striking public role for a former rebel commander.
Mr Al Shara praised Syria’s current investment law as among the best globally and said the country offers rich opportunities recognised by economists. His now-dissolved group led an offensive last December that forced Bashar al-Assad into exile in Russia.
He also held economic talks with the Saudi Crown Prince as part of efforts to reintegrate Syria into the regional and global economy after 13 years of conflict. He added that investments are growing and that reconstruction will be driven by investment, not aid.
"We rely on helping ourselves through investment so it’s win-win for everyone. We don’t want Syria to be a burden on anyone; we want to build our country ourselves," he said.
He praised Saudi Arabia as a supporter of stability and development in Syria and said major Saudi firms have begun investing about $7 billion. He described Syria’s strategic importance as a historic gateway to the east with diverse resources and an economy that isn’t dependent on a single sector.
Mr Al Shara said Syria has quickly started a new chapter and regained regional and international standing within months, thanks to support from several countries. He expressed confidence in the Syrian people to rebuild the country and stressed that aid encourages dependency, whereas investment empowers self-reliance.
He pledged to protect investors in the early stages by safeguarding production, and affirmed his personal commitment to seeing Syria rise strong again.
Brief background: Syria’s economy was devastated by the war that began in 2011. UN agencies have estimated cumulative losses in the hundreds of billions and reconstruction costs have been variably estimated between $250–$500 billion.
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