Syrian and Italy signed several Memos of Understandings in Damascus on 28 October with the visit of a large Italian trade mission to Syria leading tens of Italian companies to meet their Syrian counterparts. Activities of the visit also included the Syrian-Italian Economic Forum organized by the Syrian Enterprise and Business Centre (SEBC), the Federation of Syrian Chambers of Commerce (FSCC) and the Italian Trade Commission (ICE) and held at the Four Seasons Hotel in Damascus on 31 October.

The Economic Forum included brokerage meetings between Syrian and Italian companies in the aim to enhance cooperation and increase trade in the fields of tourism investment, infrastructure, energy, banking, irrigation and industry.

The organization, held on part of SEBC, comes as part of SEBC’s activities to raise the performance of companies and national business support organizations (BSO) in addition to development management, enhance productivity through benefiting from international expertise in business and investment.

An MoU for establishing an Italian Technology Centre was signed by Minister of Industry, Dr Fuad Issa Joni and President of the Syrian Chambers of Industry, Mr Imad Ghrewati from the Syrian side and from Italy, President of ICE, Mr Umberto Vattani. The two sides also signed MoUs in the fields of industry, trade, agriculture and transport. The MoUs were sanctioned by, Deputy Prime Minister for Economic Affairs, Dr Abdulla al-Dardari and Minister of Economic Development, Claudio Scajola.

For promoting exports, an MoU was signed between the Syrian Export Development and Promotion Agency, signed by Hosam al-Yusef, General Director of the Agency and ICE, signed by Vattani.

The two sides announced that Syria will participate in Expo Milano 2015, signed by al-Daradari and General Director of the Public Establishment for International Fairs, Mr Muhammad Hammoud from Syria and Mayor of Milan, Letizia Moratti and Vattani from Italy.

“Strengthening of relations with Italy comes as a part of Syria’s policy to develop its relations with member states of the European Union”, said al-Dardari in a press statement following signing ceremonies. He added that joint projects have already begun in the fields of industrial modernization, agriculture and technical cooperation. Syria is focusing currently on the development of agricultural exports, modernization of industry and financing SMEs and providing them with the most up-to-date Italian technology.

The Economic Forum was opened with a speech from Joni: “Stability in Syria has lead to a massive increase in investments in most sectors reaching 22.7 billion USD in 2008 up from 3.3 billion USD in 2005.”

On his part, Scajola stressed the importance of the privatization of the banking, insurance and financial sectors in Syria and increasing free trade and reducing taxes and custom tariffs adding that the Italian banking sector is looking forward to opening branches in Syria and to supporting Syrian SMEs in all areas.

SEBC co-organized an earlier Syrian-Italian Economic Forum during a visit of a large Syrian business and trade mission to Rome last year lead by Dr al-Daradri where Syrian companies met with over 100 companies, 41 of which were working in the banking and insurance sector and were eager to open branches in Syria

Syrian-Italian Trade Figures:

Syrian exports to Italy have reached 2.7 billion USD in 2007 whereas imports were 982 million USD of the same year making Italy the number one trade partner of EU to Syria. He continued to explain the deliberation of the Syrian government towards achieving a social market economy, comprehensive economic and social reform under the Tenth Five-year Plan (2006-2010) and business environment simplification of which its results have seen light through export growth and increase in Foreign Direct Investments (FDI).

Trade growth between 2004 and 2008 from Syria to Italy reached a rate of 17.5%, export growth reached 18.3% and import growth reached 16.4%. Syrian manufacturing industries exports grew at an average rate of 44.2%.