LONDON: The first Syrian-American Business Forum was held in Damascus on Monday, as the country seeks to rebuild its economic ties with the world and attract foreign investment.
Organized by the Ministry of Economy and Industry and the Syrian-American Business Council, the event at the Dama Rose Hotel brought together senior government officials, business leaders and investors.
Its aims were to strengthen economic ties by encouraging private-sector partnerships, improve the investment climate and attract international capital for reconstruction and long-term development, the state-run news agency Sana reported
Among the dozens of speakers were New York-based international disputes attorney Harout Ekmanian, Syria Report founder Jihad Yazigi and vice president of the Damascus Chamber of Commerce Laila Al-Samman.
SABC Chairman Issam Ghreiwati said the forum was a milestone in rebuilding economic relations and a sign of growing confidence in Syria’s investment environment.
It offered Syrian and American business leaders a platform to discuss investment, innovation and development, he said.
US President Donald Trump’s decision to remove Syria from America’s list of state sponsors of terrorism could open the door to broader economic engagement and a new phase of cooperation, he said.
Trump said on the sidelines of last week’s NATO summit in Turkiye, that he would remove the designation, which had for decades hindered investment, and called it a vote of confidence in interim President Ahmad Al-Sharaa.
The Syrian Arab Republic is entering a new economic period, as easing restrictions and renewed diplomacy create investment opportunities.
The country’s economy shrank by about two-thirds from $67.5 billion in 2011, according to World Bank figures, as measures imposed after the start of the civil war contributed to a steep decline in exports and a widening trade deficit.
The UN estimated that more than 90 percent of the population were plunged into poverty during the conflict.
Al-Sharaa led the rebel offensive that toppled former leader Bashir Assad in December 2024. Since taking power he has succeeded in having many restrictions imposed by the EU and US — including ones on himself — lifted.
