New Investment Law on Finding Competitive Investment Environments To Attract Capitals

A new investment law should attract capital and increase job opportunities, writes SANA.

President Bashar al-Assad on Thursday issued the new Investment Law no.18 for the year 2021, which aims to find a competitive investment environment to attract capitals, benefit from expertise, expand the base of production, increase job opportunities, and raise the rates of economic growth in a way that positively affects the increase of national income to reach a sustainable development.

The law stipulates that it is not permissible to place precautionary seizure on the project or impose receivership on it except in accordance with a judicial decision. It band expropriating the project “except for public benefit and compensation equivalent to the real value of the project, according to the price prevailing on the acquisition date.”

The investor is allowed to transfer the compensation amount resulting from the external money that he entered for the purpose of financing the investment abroad in a convertible currency.

The law does not subject the project to any “new financial burdens that are not mentioned in the procedural guide in force on the date of submitting the application for obtaining an investment license, during the incorporation stage.”

 

This article was edited by The Syrian Observer. The Syrian Observer has not verified the content of this story. Responsibility for the information and views set out in this article lies entirely with the author.

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