Damascus Appeals to Expatriates and Investors To Rebuild War-Torn Nation
At the World Economic Forum, Syria’s new leadership called for sanctions relief and pledged to rebuild vital infrastructure as it strives to redefine its image on the global stage
Syria participated for the first time in the World Economic Forum in Davos, Switzerland. The 55th edition of the forum, titled “Cooperation in the Age of the Intelligent Economy,” took place from January 20 to 24 amid Syria’s ongoing economic collapse and crumbling infrastructure.
Syria’s Vision and Call for Sanctions Relief
Syria’s delegation was led by Foreign Minister Asaad al-Shaibani, who described the participation as a “historic opportunity to present Syria’s vision for development and its aspirations for the future.” Speaking to The Media Line, al-Shaibani emphasized that Syria strives to build a nation of peace based on justice and equality, free from sectarian divisions.
The minister also highlighted that the forum serves as a platform for Syria to engage with the international community. He called on global powers to lift economic sanctions, which he described as the biggest obstacle to the country’s recovery and reconstruction efforts.
Al-Shaibani outlined the government’s comprehensive recovery plan, focusing on vital sectors such as health, education, energy, and transportation. He stressed the importance of attracting private sector partnerships and foreign investments while ensuring a central role for Syrian women in shaping the country’s future.
Economic Challenges and the Need for Reform
Syria faces immense challenges, including external debts exceeding $30 billion owed to Iran and Russia. Essential sectors like agriculture and manufacturing have suffered significant setbacks due to the previous regime’s policies.
A Media Line correspondent visiting government institutions in Damascus reported severe administrative inefficiencies and economic stagnation. The Syrian pound continued to devalue at an alarming rate, further complicating recovery efforts.
Encouraging Syrians Abroad To Return
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We aim to rebuild Syria with our own resources, reducing reliance on international aid and leveraging the expertise of our people worldwide
During his address at the forum, al-Shaibani invited Syrians living abroad to return home and contribute to the country’s reconstruction. He stated, “We aim to rebuild Syria with our own resources, reducing reliance on international aid and leveraging the expertise of our people worldwide.”
The Path Forward: Investments and Economic Cooperation
Economic expert Samir Taweel believes Syria requires substantial international support, beginning with lifting sanctions. Taweel highlighted the country’s dire financial situation, including its massive external debts, insolvent central bank, and unstable currency. He noted that recovery will take years and necessitate consistent efforts and international cooperation.
The Syrian government is striving to change the narrative shaped by the previous regime, positioning the country as one focused on peace and sustainable development. However, with substantial internal and external challenges, the question remains: Can Syria overcome its past and build a brighter future?
Economic expert Yafa Nawaf viewed Syria’s participation in the Davos Forum as a significant step from a symbolic and diplomatic perspective. The forum brings together global leaders from various sectors to discuss global economic and political issues.
Syria, which has endured years of conflict and sanctions, needs to reclaim its presence on the international stage
In an interview with The Media Line, she stated, “Syria, which has endured years of conflict and sanctions, needs to reclaim its presence on the International stage. This participation could be an opportunity to connect with decision-makers and investors, highlight the needs of the Syrian people, and redefine its regional role.”
Were there tangible steps or partnerships established to benefit the Syrian economy?
However, Yafa emphasized that evaluating this participation depends on key outcomes, such as whether vital Issues concerning Syria were addressed. These include easing economic sanctions, providing humanitarian aid, or opening doors for investments. She also questioned the effectiveness of Syria’s presence: “Were there tangible steps or partnerships established to benefit the Syrian economy?”
Yafa Nawaf highlighted Syria’s urgent need for reconstruction projects across all sectors, particularly infrastructure, housing, and essential services.
She stressed the importance of lifting economic sanctions, which hinder development and investment efforts and exacerbate the humanitarian crisis. Reducing or removing these sanctions is crucial to reviving the economy.
The Syrian economy requires a safe and stable environment to attract local and international investments. Revitalizing productive sectors, supporting agriculture, and promoting local industries are key to restarting the economy and creating job opportunities. Developing the energy sector is also essential to meeting local needs and boosting production.
Syria must also form economic partnerships with neighboring countries to integrate regional and international economies. Attracting foreign investments will require legislative guarantees and transparent mechanisms.
The fight against widespread corruption in state institutions remains a major challenge to ensure the efficient and effective use of resources.
The current phase also demands support for the private sector by providing facilities to small and medium-sized enterprises and encouraging entrepreneurship to drive the local economy forward.
Syrians believe the country requires a comprehensive economic plan, backed by strong political will and international support, to improve living conditions and restore its global standing.
