Syria Eyes $21b in Investment over Five Years
The Syrian government is planning to attract investments worth $21 billion that would create of 516,000 jobs, as part of a five-year plan ending in 2005, reported the official Kuwaiti news agency, KUNA, citing a statement.
The ministry of planning said in a memorandum published Saturday that the plan was drafted in a new style to overcome economic stagnation and tackle huge local and foreign challenges.
According to the statement, the plan seeks to achieve average annual economic and employment growth rates of two percent over the gross domestic production rate in the initial phase, and three percent in the second phase.
The plan also targets increasing overall investments to 23.5 percent of GDP in the year 2005 from the current 18 percent.
Since President Bashar Assad became president last July, Syria has adopted a number of measures and enacted laws aimed at opening to the world market after decades of central planning – Albawaba.com