Conference Opens in Damascus
Syria's Ministry of Economy and Industry opened a national conference on private-sector dialogue at the Damascus Convention Center on 1 June 2026, held in cooperation with the United Nations Development Programme and the government of Japan. Organizers said more than 500 participants would take part across its sessions, which run through 3 June 2026.
The gathering brought together government officials, local business figures, members of the Syrian diaspora, and international partners to shape shared economic priorities for the recovery period.
A New Economic Model
Minister of Economy and Industry Muhammad Nidal al-Shaar said the country is moving toward a new economic model that blends realism with openness, arguing that adopting a free market does not mean the absence of the state. He said a modern economy is measured by its capacity to build diversified, productive sectors integrated into regional and international value chains.
He also highlighted the economic empowerment of women and the need to update legislative and institutional frameworks, alongside plans for smart industrial cities, logistics zones, and technology incubators.
Financing and Tax Measures
Finance Minister Muhammad Yasir Barniyah described private-sector empowerment as a strategic shift away from a welfare-state model toward an economy driven by private enterprise. He said the tax system had been revised to favor the industrial, commercial, and tourism sectors.
Near-term steps he outlined include financing-facilitation programs offered through public and private banks under sovereign guarantees, four-year tax exemptions, measures to address nonperforming loans, and funding for the import of modern technology and the development of productive facilities.
International Backing
Japan's ambassador, Akihiro Tsugi, affirmed support for the dialogue and for job creation, while the acting United Nations Development Programme representative, Rouhi al-Afghani, described the conference as marking a new development phase and called for a renewed social contract between the public and private sectors.
The measures were presented as intentions and planning priorities rather than enacted laws, with detailed sessions on production, trade, exports, and investment scheduled before the conference closes.