Syria creates investment incentive program

Additionally, an import substitution program will encourage production by non-nationals in the country.

Gabriel Kawamura Pomerancblum
gabriel.kawamura@anba.com.br

São Paulo – The Embassy of Syria in Brasília is working to spread information in Brazil about a government program designed to attract non-nationals to invest and engage in production in Syria. The import substitution program encourages Arab expatriates in Brazil to go back to their home country, including a number of benefits. Pictured: incentives will be available to the textile industry.

Foreign businesses investing or producing in the Arab country will  enjoy lower customs tariffs on some manufacturing inputs; protection against imported competition; easy access to all items needed to begin production; and eventual inclusion of some industries in an export incentive programs.

Incentive will also be given to land leases in cities and industrial zones, including from first instalments free, a grace period until production starts, and 20 years to repay.

Cheaper financing will be made available under an ‘interest rate incentive’ program that will see the government cover 7% of interest payments on loans. This will apply to numerous sectors and products, including medication and food supplements, textiles, parts for renewable energy production, and farming products including modern irrigation system parts, tractors, and chicken.

Translated by Gabriel Pomerancblum

Mikhail Voskresenski/AFP

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