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India and Syria to Develop Business Relations

The Embassy of India in Syria and the Syrian Chamber of Commerce discussed the development of business relations, according to al-Watan.
India and Syria to Develop Business Relations
India and Syria to Develop Business Relations

Several issues have been discussed by the Damascus Chamber of Industry and Its Countryside with the Indian Ambassador in Damascus. The aim of this discussion is to strengthen the relationship between Syria and India in the most expedient ways, in order to facilitate business in the private sector. In turn, this initiative will attract international industrial investments to Syria, open new markets for Syrian products, and expand the network of export channels with friendly countries. These factors will help ensure the continuation of work and production, thus strengthening the national economy and participating in exhibitions to export the Syrian product to Indian markets.

The meeting was held on Wednesday, at the headquarters of the Indian Embassy in Damascus and was headed by the Indian Ambassador to Damascus, Mahinder Singh Kanyal. The meeting was also attended by the Vice President of the Damascus Chamber of Industry and Its Countryside, Louay Nahlawi, and directors of the Damascus Chamber of Industry.

The meeting also discussed several issues related to mechanisms for cooperation between Syria and India, as well as trying to find ways for better bilateral coordination. These efforts particularly target coordination between the Damascus Chamber of Industry and Its Countryside and the Embassy of the Republic of India in Syria. The meeting discussed pathways for laying the foundations for future work, facilitating industrial and commercial activities, and formulating trade agreements to achieve an integrated economic and business relationship, which both Syria and India want.

The Vice President of the Chamber of Industry invited Indian industrial companies to visit Syria and witness the outstanding Syrian industries and goods that Syria produces (with great competitive advantage) and India needs. This applies especially because India is one of the BRICS countries, and any economic cooperation with one BRICS country is considered as a pathway towards economic cooperation with the other BRICS countries. Most importantly, the developments illustrate the new investment reality in Syria, whereby Syria has reached an advanced stage of reconstruction. The opportunity for trade is more available than before, especially since global shipping has become very expensive.

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During the meeting, the industrialists present provided a glimpse of the most important features of the new investment law, as well as showing some of the industries and facilities that have emerged in industrial cities. The presentation stressed that wide investment opportunities exist between the two countries, especially in the field of industrial projects, technology and infrastructure, oil and gas, agricultural and educational projects, information technology, and other important initiatives.

Ambassador Mahinder Singh Kanyal welcomed this call for cooperation with Syria and investment in the country. He expressed his readiness to discuss all issues raised by the Chamber of Industry with the relevant authorities in the Republic of India, and expressed his admiration for the existence of important Syrian industries and the continuation of work and production under sanctions and the difficult economic situation.

Mohammed Akram al-Hallaq, a Chamber of Industry director, confirmed to Al-Watan that the meeting with the Ambassador of India is a call to invest in Syria and facilitate trade. Most importantly, it promises to open new horizons for economic cooperation between the two countries, especially since India is committed to sanctions on Syria. The Chamber of Industry is working to open a gap for communication through the Indian Embassy to shift economic relations between the two countries. “There is cooperation by Indian companies with Syria, but at a very cautious pace,” he said.

This article was translated and 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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