Damascus, Aug. 28 (SANA) Germany’s participation in the 63rd Damascus International Fair goes beyond the commercial presence of 13 exhibitors, opening a broader avenue for economic cooperation aimed at reconnecting the Syrian market with European capital, expertise and technology through Germany’s considerable industrial and technological capabilities.
Such cooperation could support Syria’s economic recovery and reconstruction process.
Economic expert and businessman Faisal Attri told SANA on Friday that the German presence could serve as a vital link between the Syrian market and the European economy.
He said the key question was how to leverage this commercial presence to develop German partnerships and turn them into a strategic gateway for reintegrating Syria into global supply chains.
Investment Priorities: Energy and Infrastructure
Energy, infrastructure and transport top the list of potential areas for cooperation, alongside industry, medical technology and civil aviation. German companies’ engineering and industrial expertise could help improve the efficiency of Syria’s productive and service sectors.
Attri said the objective should extend beyond attracting investment to include transferring knowledge and technology and developing local capabilities. This would strengthen the competitiveness of Syrian products and facilitate their entry into regional and European markets.
Turning these opportunities into contracts and tangible investments, he added, requires a more attractive legislative and banking environment, bankable feasibility studies and clear guarantees for capital.
Structural Reforms: Legislation and Monetary Policy
Attri said reassuring investors and translating political openness into concrete investment require urgent structural reforms in two main areas: legislation and monetary policy.
On the legislative front, he called for accelerating the modernisation of investment laws to provide clear safeguards for investors and property rights and to prevent expropriation or nationalisation except in accordance with the law and through fair, independent judicial proceedings that protect the rights of all parties.
He also stressed the importance of introducing independent international arbitration mechanisms, including those of the International Chamber of Commerce, while improving judicial governance to combat corruption and expedite the settlement of commercial disputes.
Other priorities include adopting international accounting standards, increasing transparency surrounding debt and public-private partnership project guarantees, upgrading payment infrastructure and cybersecurity, strengthening the Financial Intelligence Unit in line with World Bank and International Monetary Fund recommendations, and digitising procedures to overcome structural bureaucracy.
Regarding monetary policy, Attri identified several strategic priorities, including taking further steps to strengthen the independence of the Central Bank of Syria, refraining from financing the fiscal deficit, restructuring banks to comply with Basel III standards and reinforcing anti-money laundering measures.
Such steps, he said, would pave the way for reconnecting Syria’s financial system to international networks, while unifying the exchange rate and removing restrictions on the transfer of profits and capital.
Returning to Global Value Chains
Attri outlined four principal areas through which the German presence could help reintegrate Syrian products into European and global supply chains: compliance with standards and specifications, joint manufacturing and nearshoring, the removal of logistical and customs barriers, and the development of promising value chains.
Compliance would involve adopting German and European standards, including DIN and ISO specifications, across Syrian production lines. This could improve product quality, reduce technical barriers to trade and qualify Syrian suppliers to join European supply chains as reliable partners.
Joint manufacturing and nearshoring could, meanwhile, reinforce Syria’s position as an industrial destination located close to European markets. This would allow German companies to expand their investments and partnerships in Syria, create mutually beneficial economic interests and strengthen Syria’s presence within European business circles.
Such partnerships could also help Syrian products gain access to promising Asian markets, including China.
Removing Barriers and Upgrading Infrastructure
Attri said logistical and customs barriers could be addressed by activating the joint business council, taking advantage of the new air transport agreement and completing the requirements of the Registered Exporter System, known as REX, as well as rules-of-origin requirements, to restore exports under the Generalised Scheme of Preferences.
Promising value chains, he added, could be developed by directing partnerships towards sectors identified by the United Nations Development Programme, including processed foods, dairy products and leather, helping to narrow the substantial trade gap.
Success would depend on turning German and other international companies into major buyers and technical integrators capable of supporting the upgrading of Syria’s infrastructure and helping transform the country into a regional logistics hub serving European, Asian and other global markets, Attri said.
The 63rd Damascus International Fair, which opened on Wednesday, will continue until Sept. 4. This year’s edition has attracted broad international participation and strengthened the fair’s economic and commercial profile.
Thirteen German companies are participating in the event across consultancy, logistics, healthcare, energy,exhibitions and event management. Their participation is aimed at exploring the Syrian market and identifying partnership and cooperation opportunities amid growing interest among German businesses in entering the country.
MHD
