The joint Syrian-Saudi Ministerial Committee held its meeting in Damascus on Saturday March 6, with the participation of the finance ministers both countries as well as a large group of businessmen.

The Syrian Economy Ministry prepared no less than 421 project proposals, which reflect the main thrust of the 15th five-year economic plan. The proposals have a heavy focus on food security and generating environment for foreign investments. They include the construction of metal grain silos in all Syrian provinces, and grain mills in some provinces; the establishment of three free-trade zones; and the construction of hotels and tourist attractions.

According to available data, Saudi Arabia is the largest investor in Syria, with total investments of lira 103 billion ($2.2 billion) in the years 1991-2008. The volume of trade was lira 79 billion ($1.7 billion) in 2008, registering a decline from lira 94.5 billion ($2.05 billion) a year earlier. The Syria projects a trade volume of liras 100 billion ($2.17 billion) in the current year due to the new trade and banking liberalizing policies initiated by the Syrian government to encourage foreign investments.

Source: Al-Sharq Al-Awsat, London, March 7, 2010