Syria Passes Law to Boost Private Investment
Syrian President Hafez al-Assad signed a decree Saturday to encourage local and oversees private investment, the official SANA news agency reported.
The new legislation will ease the previsions of the 1991 law on investment, whose shortcomings have often been cited in business circles.
The Minister for the Economy and Foreign Trade Mohammad al-Imadi said in a statement to the agency that the new law authorizes Arab and foreign investors to buy or rent property and allows for a two-year extensions on tax breaks for projects in the area of economic development.
He said it gives foreign shareholders the possibility of repatriating their capital and profits five years after the businesses they invest in are up and running.
The government formed March 13 by Mohammad Mustapha Miro, announced its plan to revive the Syrian economy, which has until now been centrally planned, by introducing more liberal policies.
President Assad has issued another decree allowing individuals to hold onto foreign currency, which has previously been considered a crime with a possible jail term of three to 10 years -- DAMASCUS (AFP)
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