Syria needs at least $1 trillion for rebuilding economy: Minister

Syria needs at least $1 trillion to reconstruct its economy, said His Excellency Dr. Mohammad Nidal al-Shaar, Syria’s Minister of Economy and Industry.
In a conversation at the Arab Media Summit, the minister said the World Bank estimate of $400 billion for rebuilding the economy is insufficient.
“We need at least $1 trillion to reconstruct and rebuild a new Syria,” he said.

The minister exuded confidence that his country will be stronger and stable again with the sanctions being lifted.

The session was attended by His Highness Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum, President of the UAE Olympic Committee, and Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of the Dubai Culture and Arts Authority. 

“There is an understanding and consensus within the international community, especially from the Middle East, that Syria has to become a stable country. They are all looking forward to protecting Syria from further chaos,” the minister further said. 

“I think that there is an understanding and consensus in the international community that Syria has to become a stable country. Our people can no longer bear any chaos. We have reached a threshold whereby it is not possible to go back to chaos again. The moral protection is there, the physical protection will come very soon.”

“The North will come back to Syria very shortly, hopefully, and our country will become more stable and stronger, and we are now able to talk about the new Syria and to build new partnerships.”

“Very soon, you will see foreign embassies opening again in Syria, and all this means that you are enhancing security and investors can become more comfortable in Syria.”

It was hoped that with the sanctions being lifted, a lot of the Syrian funds abroad would return to the country. However, as the previous regime retrieved a larger part of these funds, only a small amount of money is left to be retrieved.

“Right now for us, any amount is important, whether it is $20 million or $100 million.”

He said his government is currently working on an investment roadmap for tourism and industry and added that international companies are interested in investing in Syria. 

“There are ports and dry ports in Syria that one can invest in. There's also the railway that can be invested in the interest of shared real estate development sector.”
He exuded confidence that Syria will become more stable and stronger with new partnerships.

The session was also attended by Her Excellency Mona Ghanem Al Marri, Vice Chairperson and Managing Director of the Dubai Media Council and President of the Dubai Press Club.