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DAMASCUS - More than 100 foreign firms are in contact with Damascus to secure investment deals after the European Union lifted sanctions and provided a window of opportunity for the country to develop months after the ousting of Bashar al-Assad.
The European Union on Tuesday lifted its economic sanctions on Syria following months of deliberations. The decision came days after US President Donald Trump also decided to lift sanctions on the country.
“Several companies have started communicating with Syria to undertake the appropriate procedures for investment and exploration with technicians and Syrian entities to carry out investment inside Syrian territory,” Ahmed Sulaiman, head of communications at the Syrian energy ministry, told Rudaw on Tuesday.
The EU has already loosened sanctions related to energy, transport, and reconstruction, as well as associated financial transactions, but local experts argue that the measures were insufficient to help Syria rebuild its infrastructure.
“Lifting the sanctions is very important, but it is the first step, after which there are many steps, and it requires a lot of capital,” said Maghad Issa, an oil and gas expert.
Following a swift offensive in early December, a coalition of opposition groups led by Hay’at Tahrir al-Sham (HTS) - headed by Ahmed al-Sharaa - toppled the regime of Syrian dictator Bashar al-Assad. In late January, Sharaa was appointed as Syria’s interim president.
Since assuming power, the new leadership in Damascus has prioritized lobbying for the removal of international sanctions. While many countries have expressed openness to revisiting Assad-era sanctions, they have emphasized the need for the new government to meet key benchmarks.
The European Union on Tuesday lifted its economic sanctions on Syria following months of deliberations. The decision came days after US President Donald Trump also decided to lift sanctions on the country.
“Several companies have started communicating with Syria to undertake the appropriate procedures for investment and exploration with technicians and Syrian entities to carry out investment inside Syrian territory,” Ahmed Sulaiman, head of communications at the Syrian energy ministry, told Rudaw on Tuesday.
The EU has already loosened sanctions related to energy, transport, and reconstruction, as well as associated financial transactions, but local experts argue that the measures were insufficient to help Syria rebuild its infrastructure.
“Lifting the sanctions is very important, but it is the first step, after which there are many steps, and it requires a lot of capital,” said Maghad Issa, an oil and gas expert.
Following a swift offensive in early December, a coalition of opposition groups led by Hay’at Tahrir al-Sham (HTS) - headed by Ahmed al-Sharaa - toppled the regime of Syrian dictator Bashar al-Assad. In late January, Sharaa was appointed as Syria’s interim president.
Since assuming power, the new leadership in Damascus has prioritized lobbying for the removal of international sanctions. While many countries have expressed openness to revisiting Assad-era sanctions, they have emphasized the need for the new government to meet key benchmarks.
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