Exclusive: Syria unveils plan to revive local economy

Shafaq News / The Syrian Ministry of Economy adopted a comprehensive plan to revive factories and strengthen the local economy, the ministry revealed.

The Ministry’s media office told Shafaq News, “The new Syrian administration is adopting a holistic vision to restart factories and revitalize the national economy, with a primary focus on privatizing government-managed facilities and companies.”

The ministry explained that the government plans to open investment opportunities in state-run facilities, including 107 factories under the Ministry of Industry, with privatization aimed at improving management efficiency, increasing productivity, and ensuring sustainability through the attraction of capital and expertise.

“Energy is one of the most vital sectors in the new strategy, focusing on developing both traditional and renewable energy sources to support all other industries while improving energy infrastructure to ensure continuous industrial production,” the ministry added.

The third pillar of the plan involves supporting reconstruction efforts by restarting factories specializing in construction materials to meet infrastructure and housing rebuilding needs, including the heavy and engineering industries to support large-scale reconstruction projects.

Regarding the equal support of all industrial sectors, the ministry noted, “The government will provide support across the board, including for food, pharmaceutical, textile, petrochemical, and advanced technology industries, while promoting collaboration between sectors to achieve industrial integration.”

The Syrian Standards Authority aims to enhance local production and product quality by adopting advanced technologies to boost competitiveness, efficiency, and cost-effectiveness in domestic and international markets.

The plan also includes measures to bolster exports, open new markets for Syrian goods, and expand trade with friendly nations like Iraq, in addition, “infrastructure improvements are planned to facilitate exports, alongside strategies to attract local and foreign investments,” the statement explained.

Incentives will be offered to industrial investors, with a focus on modernizing and efficiently managing privatized facilities.

The ministry concluded that “the final component of the strategy involves supporting small and medium-sized enterprises (SMEs) by providing technical and training assistance to boost their contribution to the economy.”