Khabarni - The Syrian General Authority for Land and Sea Ports announced on Thursday the signing of a memorandum of understanding with a Chinese company to invest in free zones with an area exceeding one million square meters, for a period of twenty years.
The authority announced in a statement published on the X platform the signing of a "strategic memorandum of understanding with Fidi Contracting, a Chinese company, which stipulates granting the company full investment rights in the free zone in Hasya in Homs province (central), covering an area of about 850,000 square meters, with the aim of establishing an integrated industrial zone containing specialized factories and production facilities."
The memorandum of understanding also included "granting the Chinese company the right to invest 300,000 square meters of the free zone in Adra" in Rural Damascus, with the aim of "establishing commercial and service projects that meet the requirements of the local and regional market," according to the statement.
The duration of the contract is twenty years, during which the investing company is obligated to execute the project phases according to a specified timetable, which ensures "the economic feasibility and enhances the role of the free zones as a driver for development and attracting direct foreign investments," according to the authority.
Syria encompasses several free zones that offer numerous advantages for foreign investors, including complete exemption from all taxes and fees, freedom to employ local or foreign labor, and the ability to repatriate invested foreign capital.
According to the statement, the memorandum of understanding "is part of the authority's policy in revitalizing the Syrian free zones and attracting foreign capital" in a step that hopes to "contribute to job creation, technology transfer, and increase the volume of trade exchange through land and sea ports."
Since coming to power, the new Syrian authorities have been striving to advance the economy in preparation for the beginning of the recovery phase after 14 years of devastating conflict. The authorities count on favorable effects from the step of lifting American and European sanctions.
