Syrian-US Business Forum opens in Damascus with focus on energy, reconstruction

The first Syrian-US Business Forum opened in Damascus on Monday, bringing together senior officials, investors and business executives to explore investment opportunities in Syria’s energy sector and reconstruction efforts.

Organized by Syria’s Ministry of Economy and Industry in partnership with the Syrian-American Business Council, the forum is being held as Washington advances plans to remove Syria from its list of state sponsors of terrorism.

Earlier this month, US President Donald Trump notified Congress of his administration’s decision to rescind the designation, triggering a 45-day review period before it can take effect.

Opening the forum, Syrian-American Business Council Chairman Issam Ghreiwati described the gathering as a turning point in US-Syrian economic relations, saying it reflects renewed confidence in Syria’s economy and creates new opportunities for investment and private-sector partnerships.

Syrian Economy and Industry Minister Nidal Al-Shaar said recent US measures had removed major obstacles to trade, investment and financial transactions, paving the way for broader economic engagement between the two countries.

Syrian Petroleum Company CEO Yousef Qablawi said Damascus is stepping up efforts to attract foreign investment in its oil and gas sector, adding that several memorandums of understanding signed with international companies have already evolved into investment agreements, with offshore exploration among the priorities.

Former senior US diplomat Timothy Lenderking said Syria offers significant investment potential, while US Deputy Assistant Secretary of State Jacob McGee said American companies had already begun evaluating potential investments in the country.

McGee said Washington is also working with the Syrian government to facilitate Syria’s return to the international financial system by improving banking access and establishing a more predictable regulatory environment for investors.

Last year, Washington issued Syria General License 25 and granted exemptions under the Caesar Act to facilitate investment supporting Syria’s recovery. Trump later signed an executive order lifting US sanctions on Syria.

*Writing by Tarek Chouiref