Syria is rolling out various measures to attract foreign investment following the U.S. and European Union's announcement that economic sanctions would be lifted on the country, according to Mohammad Yasser Barniyah, Syrian Finance Minister.
Barniyah made the remarks on the sidelines of the Islamic Development Bank's annual meeting, held in Algeria from May 19 to 22. The meeting brought together leaders from the 57-member Organization of Islamic Cooperation to discuss economic collaboration.
His attendance marks Syria's first significant international engagement since the Western countries announced to lift the sanctions. Barniyah hopes that the world will soon recognize the potential that the post-sanctions Syrian economy has to offer.
"There is a great appetite we've seen to invest in Syria. There are great opportunities in all sectors, energy, agriculture, infrastructure, housing, tourism, healthcare, education, almost all sectors. Syria is rich of opportunities now. Of course, lifting the sanctions created a sort of optimism, and that is a precondition for attracting investment. What we are trying to do now is trying to transfer this optimism into reality by creating the right infrastructure, the right regulation and the right ecosystem that welcomes investors," he said.
The finance minister also emphasized that Syria welcomes foreign investment in multiple sectors and is open to work with all international partners.
"If you ask about urgent needs, I will tell you the energy sector, transportation, agriculture, healthcare, education -- all are important sectors. Perhaps energy and infrastructure are very important. Nowadays we need large investments to cater for such projects. I cannot exclude any sectors. There are needs in almost every single sector," said Barniyah.
"We welcome all investors from all over the world, and we make sure they have the protection, and they have the requirement to support their investment. So Syria is opening up. Syrian is welcoming all investors from all over the world and we encourage everybody to explore the opportunity to come to Syria. And we also welcome Asian investors," he said.
Syria pledges efforts to attract foreign investment: finance minister
