Syria Today | Syria-Spain bolster economic ties and joint investment

Syria-Spain bolster economic ties and joint investment

Spain will establish a EUR 50m credit line targeting small and medium size enterprises and a EUR 3-5m microfinance institution in Syria. The projects follows a three-day visit to Spain by Deputy Prime Minister for Economic Affairs Abdullah al-Dardari aimed at fostering economic relations and joint investment between the two countries on July 8.

Dardari, heading an official Syrian delegation and accompanied by a large group of Syrian businessmen, also participated in the Syrian-Spanish Business Encounter organised by the Syrian Enterprise and Business Centre (SEBC).

During the visit, Dardari met with a number of Spanish officials including Spain’s Deputy Prime Minister and Minister of Economy and Finance Pedro Solbes, as well as the Spanish Foreign Minister Miguel Angel Moratinos.

“It has been agreed that a number of Spanish companies visit Syria soon and that the Spanish government supports those companies,” Dardari told Syria Today. “We, in turn, offered the Spanish companies a number of potential projects as this will help in transforming technology from Spain to Syria and speed our economic growth.”

Discussions focused on Syrian-Spanish economic relations and cooperation in technology, investment, trade and administrational development as well as poverty reduction.

“The Spanish officials expressed a strong desire to accelerate the signing of the Syrian-European Association Agreement,” Syrian Investment Agency director general Mustafa al-Kafri said. “They also seemed enthusiastic about developing their economic relations with Syria and financing small and medium businesses.”

Participants in the Encounter called on Spanish investors to invest in Syria and benefit from the new economic opportunities emerging. “We explained to our Spanish business counterparts how attractive the present investment opportunities are in Syria and that they can find high-quality local partners,” Abdul Ghani Attar, a leading Syrian businessman who was part of the business delegation, said.