Western isolation has forced Syria increasingly to look eastwards for its economic future. As the country pushes through much-needed reforms, Bashar al-Assad, the president, is focusing on links with rising economic powers such as India and China. …
In recent years Syria has liberalized foreign trade, dropping tariffs and import restrictions, and introduced a more favorable investment climate seeking greater foreign capital for the budding private sector. Liu Bo, a commercial attaché at the Chinese embassy in Damascus, says that these reforms have been directly responsible for the increased Chinese engagement. He says that exports to Syria increased by 37 per cent in 2007…
At the same time, trade with India and Russia has increased by 78.9 per cent and 59 per cent respectively in 2007. Syria’s northern neighbor, Turkey, has also strengthened its ties with Damascus following the 2007 signing of a trade-agreement. … Meanwhile, western investment in the country is limited as a result of Syria’s international isolation and U.S. sanctions imposed in 2003, which have scared off many investors. Access the full article>>