Inauguration of the First Syrian-American Business Forum in Damascus: A New Chapter in Economic Relations

The first Syrian-American Business Forum kicked off in Damascus yesterday, organized by the Ministry of Economy and Industry in cooperation with the Syrian-American Business Council, with participation from representatives of Syrian and U.S. government ministries, as well as economic and commercial entities from both countries.

The Syrian News Agency (SANA) reported that the forum aims to open new horizons for economic cooperation between the two nations, discuss the future of the Syrian economy in its recovery phase, present an economic reform agenda, and highlight investment opportunities across various sectors.

Speaking at the opening ceremony, Syrian Minister of Economy and Industry Nidal al-Shaar emphasized that Syria and the United States are opening a new chapter in their economic relations, one based on cooperation, partnership, and the building of a shared economic future.

Minister al-Shaar expressed his appreciation for U.S. President Donald Trump’s decision to remove Syria from the list of state sponsors of terrorism, describing it as a significant turning point in the trajectory of economic relations between the two countries. He clarified that recent U.S. decisions regarding Syria go beyond a mere policy shift; they contribute to removing barriers that had hindered trade, investment, and financial participation for years, thereby paving the way for a forward-looking economic relationship.

In a video-recorded address, U.S. Assistant Secretary of State for Near Eastern Affairs Jacob McGee affirmed that Syria has moved from a phase of economic isolation to a new era of openness, viewing the country as a promising opportunity to enhance stability and support growth through public-private partnerships. McGee noted that removing obstacles to economic growth allows the Syrian people to realize their potential, while enabling businesses and entrepreneurs to contribute effectively to revitalizing the economy.

He pointed out that American companies are exploring investment opportunities in Syria, amid growing interest in signing agreements and forging partnerships across various sectors, reflecting an improvement in the business climate and future cooperation prospects. The U.S. Assistant Secretary added that his country is working with the Syrian government to facilitate Syria’s integration into the global financial system, providing banking solutions and a clear regulatory environment that supports investment and trade. He highlighted early signs of recovery, including the return of increasing numbers of refugees and growth in tourism activity.

For his part, Essam Ghrawati, Chairman of the Syrian-American Business Council, stated that the forum represents a declaration of confidence and a milestone in renewing economic partnership between the two sides, laying the foundation for a new phase of cooperation. Ghrawati noted that the forum serves as a historic venue enabling Syrian and American entities to meet in Damascus to discuss investment, innovation, and economic development, with a focus on rebuilding opportunities and achieving prosperity.

Youssef Qablawi, CEO of the Syrian Petroleum Company, emphasized that the forum marks an important step in strengthening cooperation between the two countries and supports a new phase of economic openness. He stated that Syria’s oil and gas sector is rich with promising investment opportunities due to its resources, potential, and pivotal role in supporting the reconstruction process. Qablawi explained that the company is operating under a clear vision to enhance cooperation with global firms and open the door to international investments, noting the signing of several memoranda of understanding with international companies, most of which have since been converted into investment contracts in the energy sector. He added that the company is also expanding investments in the oil and gas sector, particularly in offshore areas along the Syrian coast, and aims to convert remaining memoranda of understanding into contracts in the coming period.

Timothy Linderkling, a partner at the law firm Skadden, Arps, Slate, Meagher & Flom LLP and former Senior Advisor for Near Eastern Affairs at the U.S. Department of State, affirmed that Syria holds promising opportunities in the coming phase, and that his firm is working to support the building of bridges of cooperation between the public and private sectors. Linderkling explained that the current stage represents a crucial opportunity to build new partnerships amid the reconstruction drive, enhance the role of the private sector, and attract international investments.