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.
The Syrian government is planning to relocate state factories to “safe areas” in the country, according to the Minister of Industry.
The Minister of Industry has estimated the losses of the Syrian cotton industry at some SYP 20 billion in the last two years.
Hundreds of Syrian manufacturers are setting-up factories in Egypt, according to the Egyptian Minister of Industry.
Al-Ahliah Vegetable Oil Company, an agro-food company listed in the Damascus Securities Exchange, posted profits again last year.


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SME Support Fund
Damascus Chamber of Commerce