Syria heads east to boost its foreign investment
Julien Barnes-Dacey in Damascus | Friday, 11 July 2008
Western isolation has forced Syria increasingly to look eastwards for its economic future. As the country pushes through much-needed reforms, Bashar al-Assad, the president, is focusing on links with rising economic powers such as India and China.
Even as Syria is looking to restore ties with the west, reflected in improved diplomatic relations with France, a forthcoming Assad trip to Paris and renewed peace talks with Israel, Damascus has been careful to foster its relations with other powers.
Mr Assad travelled to India last month, the first time a Syrian leader has visited the country in 30 years.
Safi Shujaa, director of the Syrian Economic Centre, says that "Syria is going seriously to the east", citing international political isolation from the west and economic advantages from the east as the main motivations for the shift.
This decision has taken place even as the country undergoes urgent economic reform in the face of a stagnant economy and dwindling oil revenues. In recent years Syria has liberalised foreign trade, dropping tariffs and import restrictions, and introduced a more favourable investment climate seeking greater foreign capital for the budding private sector.
Liu Bo, a commercial attach
Even as Syria is looking to restore ties with the west, reflected in improved diplomatic relations with France, a forthcoming Assad trip to Paris and renewed peace talks with Israel, Damascus has been careful to foster its relations with other powers.
Mr Assad travelled to India last month, the first time a Syrian leader has visited the country in 30 years.
Safi Shujaa, director of the Syrian Economic Centre, says that "Syria is going seriously to the east", citing international political isolation from the west and economic advantages from the east as the main motivations for the shift.
This decision has taken place even as the country undergoes urgent economic reform in the face of a stagnant economy and dwindling oil revenues. In recent years Syria has liberalised foreign trade, dropping tariffs and import restrictions, and introduced a more favourable investment climate seeking greater foreign capital for the budding private sector.
Liu Bo, a commercial attach