A court is auctioning off the Syrian assets of Egypt’s ElSewedy Cables to repay debts the company owes to a local bank.
After a modest rebound in 2014, manufacturing investment seems to be falling again in Syria, according to some preliminary data.
The decrease in customs duties by the Syrian Government is being opposed by manufacturers of the textile sector who fear for their competitiveness.
The Government has allowed manufacturers to import used power generators to make up for the rising electricity shortages.
The head of the Damascus Chamber of Industry has refuted claims made by a senior industrialist that most members on its board had relocated abroad in a dispute that highlights tensions among the Syrian business community.
The estimate of the losses of the state-owned industrial sector doubled in less than a year, according to official sources.
Two new industrial areas to accommodate manufacturing investments have been established in the coastal city of Lattakia by the Ministry of Local Administration.
The rebuilding of Syria’s manufacturing sector will cost billions of dollars and take up to twenty years according to a recent memo by the Ministry of Industry.
The Syrian Ministry of Industry has revised upwards the cost of the war on state-owned factories and companies.
In a trade fair organized in Beirut last week, Syrian garment exporters managed to clinch contracts worth dozens of millions of dollars.
Around two-third of Syria’s factories have been damaged by the conflict gripping Syria, Wael Al-Halqi, the Prime Minister said.
The minister of industry has estimated the cost of the war on Syria’s manufacturing sector at above 336 billion Syrian pounds, or $2.2 billion at the current market exchange rate.
Syria’s state-owned textile companies have accumulated losses of 17.6 billion pounds from the violence of the last two years and seen countless companies, including all those in Aleppo, stop production.
Syria’s state-owned industrial sector suffered losses of SYP 60 billion from the ongoing uprising and war in Syria.
ElSewedy Electric, one of the largest foreign investors in Syria’s manufacturing sector, is considering quitting the market in view of the deteriorating business environment, according to Egyptian media reports.
Damascus Chamber of Commerce
Damascus International Fairground