Damascus, SANA- Western sanctions on Syria’s banking sector are preventing critical investments in the war-ravaged economy despite huge interest from Syrian and foreign investors, Head of the Syrian Investment Commission, Ayman Hamwyiah stressed.
“Sanctions have stopped everything. Right now, they are primarily on the Syrian people and are increasing their suffering,” Hamwyiah said in an interview with Reuters.
“We receive dozens of requests every day, mostly from Syrian, Turkish, Gulf and some European companies, interested in projects ranging from building hospitals, establishing wind plants, and developing real estate,” he added.
“But they all say that it is difficult (to invest) given the banking sector remains under sanctions. You can’t show up with millions of euros in your suitcase. That is not a way to do business in today’s world,” Hamwyiah explained.
“The steps taken so far on sanctions are inadequate,” said Hamwyiah.
“In my opinion, everyone has an interest in these transactions going through a banking system with oversight and transparency rather than through informal transfer networks,” he added.
Ruaa al-Jazaeri
