Syria received some 3.3 million tourists last year and is expected to host over four million visitors in 2002, reported the Republic’s Ministry of Tourism. The Ministry is currently working towards modifying venture laws in order to encourage international investment in the sector.
The new laws will enable Arab or foreign investors to apply for a tax exemption during project development phases for a three-year period, in addition to an exemption from income taxes for seven years. Investors will also be allowed to withdraw their initial capital and income in foreign currency after five years.
Syrian received 2.2 million tourists from within the Arab world in 2001 with arrivals from the Gulf Cooperation Council (GCC) states up 17.4 percent, compared to 2000 levels. In a bid to maintain last year’s trend, Syria will host its first ever Shopping Festival, which will run for one month starting August 10. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
