São Paulo – At a meeting with the board of the Arab Brazilian Chamber of Commerce, in São Paulo, Syrian president Bashar Al-Assad spoke on Thursday (1st) about the investment opportunities in his country and proposed a mission of government representatives and businessmen to Brazil.
"I am going to discuss the matter myself on my return,” said Assad. According to him, governments have been doing their part to intensify bilateral relations, but in the economic area the route should be traced by the private initiative. "That is where the importance of meeting businessmen is, so that they may decide on this route, and that is why I decided to have this meeting with you before returning,” he added.
Arab Brazilian Chamber president Salim Taufic Schahin pointed out that large Brazilian companies are operating in the Arab world "and have great interest in exploring other countries in the Middle East”. He pointed out that he has been in Syria three times over the last three years and that he could see the economic potential of the country for himself.
The organisation’s secretary general, Michel Alaby, added that he has recently been to Damascus with six businessmen in the medical and hospital equipment industry and that they were "very impressed" with the Syrian growth. "With the continued economic opening of Syria, we will certainly have companies interested in investing in the country,” he said.
Bashar mentioned, for example, infrastructure projects planned in partnership with other countries in the region, like Lebanon, Iraq and Jordan, in the area of infrastructure. He recalled the great enterprises in the sectors of oil and gas, railway and road transportation, irrigation, and generation and transmission of electric energy.
He added that although these countries are small, projects developed in partnership have potential to reach a broad market, connecting, for instance, regions that produce oil in Iraq to the Mediterranean. "The electrical system, for example, is not enough to supply the growing population and economy [of the countries of the region],” he said.
Regulation
Syria has been developing an economic opening process for over a decade, changing from a highly state-owned system to another where there is more private participation. In this respect, the country has a need to attract foreign investment and is promoting legal changes to simplify the business.
The president insisted that businessmen must help point out the hurdles. "We do have hurdles, but with your help we will be able to spot them. If we know where to strike, then we will save time. This is proof that this process is a dynamic one," he said.
In that respect, Schahin highlighted the establishment of the Brazil-Syria Business Council, presided over by him on the Brazilian side, and by businessman Tarif Akhras on the Syrian side. "After the council has been established, we shall negotiate in order to overcome the obstacles that hinder development a bit," he declared.
He named a few measures that are of interest to businessmen, such as the adoption of laws for making foreign investors safe, and the signing of treaties for avoiding double taxation.
Bashar claimed that Syria is now reforming the laws that regulate the electric industry, so as to improve the investment environment. The Arab Brazilian Chamber’s vice president, Wladimir Freua, stated that the experience of Brazil in regulating the segment, which has heavy private sector presence in the country right now, may be helpful.
Schahin added that another experience that may be analysed is that of regulatory agencies in Brazil, which act as a link between the government and the private sector in fields such as energy, oil, telephony and transport.
Tourism
The Syrian president also emphasized tourism. According to him, it is strategic to Syria, and the country regards it as "the next petroleum." He claimed that in spite of Middle East conflict, the sector has grown a lot over the last years. Bashar suggested that a meeting be held with sector companies from the two countries in order to encourage bilateral tourism.
The chairman of the Chamber’s Tourism Board, director Adel Auada stated that the interest of Brazilians in travelling to the Arab world is growing, and called for greater contact with tourism professionals in Syria, so that they may promote the country as a destination in Brazil.
*Translated by Mark Ament and Gabriel Pomerancblum
