Damascus – In an unprecedented move, Syrian President Ahmad al-Shara held a meeting in New York during his recent visit with representatives of 40 major American and international companies on the sidelines of the UN General Assembly meetings, following the lifting of US and international sanctions imposed on Damascus.
The meeting focused on the consumer, energy, infrastructure, and financial services sectors, with the participation of major companies such as Procter & Gamble, the world's largest consumer goods company; American energy company Chevron; and Caterpillar, a heavy equipment manufacturer.
The investments are expected to attract billions of dollars, enhancing economic stability, creating widespread job opportunities, and supporting the reconstruction process, despite challenges related to governance and benefit distribution.
Dr. Samer Safadi, a member of the Syrian-American Alliance, reviewed the details of the meeting that brought together al-Shara with leaders of major American companies and businessmen during the Concordia Summit in New York.
Speaking to Al Jazeera Net, Safadi said, "The meeting was attended by a large number of CEOs of more than 30 to 40 companies listed on the Fortune 500 list—an annual list published by Fortune magazine that ranks the 500 largest companies in the United States by total revenue—which reflects the importance of the event and the interest of American investors in the Syrian market."
According to Safadi, the meeting, which took place over a closed roundtable that lasted an hour and a half, focused on foreign investment opportunities in Syria, particularly from American and Western companies.
He noted that Sharaa affirmed Syria's readiness to welcome foreign investment, emphasizing the important role of international companies in rebuilding the country after years of conflict and mismanagement under the ousted regime of Bashar al-Assad.
Safadi explained that Sharaa presented an optimistic vision, describing Syria as a "golden land" for investment thanks to its strategic location between Asia and Europe, in addition to its natural resources and human capital.
Economic Challenges and Opportunities
Safadi noted that President Sharaa affirmed his government's commitment to creating a favorable environment for foreign investors through new policies aimed at facilitating trade, a radical shift from the isolationist policy pursued by the former regime.
The attendees discussed the economic challenges facing reconstruction, including the collapse of infrastructure, but saw this as an opportunity for major companies in the energy, transportation, and telecommunications sectors to enter.
Companies also showed significant interest in the Syrian market, although reservations remained regarding US sanctions temporarily suspended until November 13 by an executive order from US President Donald Trump.
Memoranda of Understanding
According to Safadi, the meeting did not result in final agreements, but it did witness the signing of memoranda of understanding expressing the intention of US companies to enter the Syrian market. Safadi emphasized that these companies have demonstrated seriousness in long-term investment, but are awaiting the full and permanent lifting of sanctions from the US Congress.
He added that these companies have carefully studied the Syrian situation and are looking for a reliable partner in the Syrian government, a fact evident in the positive impression they have of President Sharaa.
The Syrian economy is expected to see significant improvements with the entry of these companies, including the creation of widespread job opportunities and a tangible increase in per capita income.
Safadi noted that Syrians will see results as soon as major companies enter, especially after the final lifting of sanctions. He expressed optimism that this goal will soon be achieved, supported by the efforts of the Syrian community and the high-level Syrian delegation that discussed this issue with US Secretary of State Marco Rubio and President Trump.
A New Economic Vision
Safadi noted that President al-Sharaa emphasized during the meeting that Syria seeks to build an open economy based on partnerships with major companies, away from reliance on international aid or loans. This represents a clear shift from the policies of some neighboring countries that rely on debt or foreign aid.
With the ongoing efforts to lift sanctions, Syria is expected to witness a qualitative shift in its economic activity, enhancing recovery and improving the lives of Syrian citizens.
Commenting on the matter, Syrian economic affairs researcher Osama al-Abdullah told Al Jazeera Net that the Caesar Act (2019-2020) represented a major obstacle to investment and led to an 80% economic contraction in some sectors. With the lifting of sanctions last July, billions of dollars in investments are expected to flow into the food and energy sectors, boosting local production and creating thousands of jobs.
He pointed out that companies such as Procter & Gamble and PepsiCo could create between 5,000 and 10,000 jobs, and 3,000 and 7,000 jobs, respectively, with training programs targeting youth and returnees from displacement.
In the tourism sector, revenues of up to $1.5 billion are expected to be generated by 2030 through the development of sites such as Palmyra, while the education sector will provide 50,000 educational opportunities through the reconstruction of universities. To ensure a fair distribution of revenues, Al-Abdullah called for transparent governance through sovereign wealth funds and digital platforms.
For his part, economic expert Nasr Al-Daif told Al Jazeera Net that companies such as Chevron and Shell could increase oil production to 300,000 barrels per day by 2030, allowing the export of the surplus and reducing dependence on imports by 50%.
In the infrastructure sector, he proposed partnerships with Caterpillar and Boeing to develop roads and airports with funding from the World Bank, achieving an estimated annual return of 15%.
In the financial services sector, he indicated that the merger of Citigroup could contribute to reducing inflation by 10 to 15% over three years by introducing modern banking services and strengthening oversight, similar to the Iraqi experience.
Source: Al Jazeera
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