RIYADH, 4 November 2004 — Nibras El-Fadel, economic adviser to Syrian President Bashar Al-Assad, met with several businessmen in the capital yesterday to explain the current economic situation in Syria as well as discuss areas of mutual interest that could serve the betterment of Saudi-Syria trade.
The envoy arrived on a one-day trip organized by the chairman of the Syrian side of the Saudi-Syrian Council Basil Al-Ghalayani.
During his visit, Fadel briefed the businessmen about the economic situation in Syria and the reforms the government tends to carry out in the next several years.
One of the major problems was unemployment, he said. The capacity of the labor force in Syria can only accommodate 100,000 per year, but currently, it is receiving 250,000 yearly, an increase of 150,000 per year.
He said that Syrians in general have been too dependent on the government for economic growth adding that the next couple of years will witness a transformation in the private sector.
According to the envoy, some 50 percent of the country’s income relies on crude oil, even though Syria is not an OPEC member and produces less than 500,000 barrels per day.
Despite that, and to improve living conditions, the government has increased the salaries of public sector employees by 20 percent and would further increase it in the near future, he added.
One of the main challenges ahead for the government, the envoy noted, was to bring back Syrian capital abroad which is estimated to be $10 billion.
Currently the government has allowed some companies to offer shares for sale to the public with a view to boosting more public participation in the private sector.
Investment in the telecom sector was one of the areas the government seeks to develop in the next couple of years. He also said tourism was a revenue that could be invested in the country.
“Even though Syria is the land of civilizations and has many landscapes and has good weather, it has only managed to get a couple of hundred thousands of tourists last year,” said the envoy.
He cited how neighboring countries such as Turkey received 13 million tourists last year, jumping from 2 million two decades ago. The envoy said he appreciated and thanked the businessmen for listening and hoped to see them in the first Saudi-Syrian forum will be held soon to strengthen cooperation and expand trade exchange between the two countries.
