Prime Highlights-
- Committee to meet annually, alternating between Syria and Uzbekistan, with private sector input.
- IMF forecasts double-digit Syrian growth this year, while Uzbekistan grew 7.7 percent last year.
Key Facts-
- Syria and Uzbekistan sign MoU to form a joint economic and trade committee.
- The pact aims to expand investment, industrial and commercial cooperation between both nations.
Background-
Syria and Uzbekistan have signed a memorandum of understanding to form a joint economic and trade committee, aiming to expand investment, commercial and industrial cooperation between the two nations.
The committee will provide a regular framework to monitor economic and trade relations, exchange information, explore business opportunities, address challenges and expand partnerships, the Syrian Arab News Agency reported.
The agreement arrives as Syria’s economic recovery gathers pace, with the International Monetary Fund forecasting double-digit growth this year and continued expansion next year, backed by recovering agriculture, rising hydrocarbon output and stronger trade and services.
Uzbekistan recorded $43.1 billion in foreign investment inflows last year, while its economy expanded 7.7 percent and industrial production grew 6.8 percent, its investment promotion agency said.
Under the MoU, the committee will meet annually, alternating between Syria and Uzbekistan, with private sector participation to help move discussions toward developable projects and partnerships, SANA reported.
Syria’s Ministry of Economy and Industry said the agreement followed talks on attracting investment and industrial projects, drawing on Uzbekistan’s experience guiding investors from opportunity to execution.
Syrian Economy and Industry Minister Nidal Al-Shaar led an economic delegation to Uzbekistan this month to discuss expanding trade, industrial and investment cooperation, SANA reported.
The development follows Syria’s push to attract foreign capital after the removal of US sanctions earlier this year, with a US delegation meeting Syria’s sovereign fund to discuss investment prospects. Syria has also revived regional ties, relaunching its joint business council with the UAE.
