Syria on Sunday said it had taken "important steps" towards the establishment of a local stock market. Minister of Finance Mohammad al-Hussein, commented following the issuance on Sunday of Law no. 22 for the year 2005 which stipulates for the establishment of an organizing a body called "The Syrian securities and stock market Commission".
"The establishment of this commission and later the stock market, will contribute to completing the building of a modern Syrian economy which aspires for more progress and merge with the international economy," Minister Hussein told SANA.
He added that the exchange market will gain a great importance in encouraging investment and founding stock firms and re-invest Syrian money in tourist and developing projects. "Founding the stock market commission, private and Islamic banks in addition to opening the insurance sector to private firms… all these procedures confirm that Syria is determined to continue the economic reform progress," the Minister said.
On his part, Deputy Prime Minister for Economic Affairs Abdullah al-Dardari expressed optimism over the issuing of the stock exchange law and its positive effects on the economic and investment prospects in Syria. Mr. Dardari told SANA that the law "came following deep study and revision by a high-ranking technical team that benefited from experiments of Arab countries in this field and other countries of similar economic conditions to ours."
He added that the proposed board which is assigned to supervise the stock market is neither a state-run not a private panel in the classical definition, but an independent body affiliated to the government and directly linked to the Premier.
He pointed out that four of the 7-member Council of Commissioners are independent, thereby the board will work in complete independence, honesty and efficiency.
Mr. Dardari said the law has given right signals for the investors on the policies of the Syrian economy which embarked on reforms.