Syria's newly formed government plans to transition to a free-market economy and reintegrate into the global economic system, signaling a break from decades of state control. Bassel Hamwi, head of the Damascus Chambers of Commerce, stated that the new administration aims to foster competition and attract investment crucial for reconstruction after 13 years of civil war. Hamwi revealed the plans after meeting interim Economy Minister Bassel Abdul Aziz, who indicated the dismantling of restrictive customs policies. Import regulations, long plagued by delays and foreign currency hurdles, are set to be streamlined. Syrian businessmen expressed cautious optimism but await clarity on whether the nation will pursue an open society or adopt stricter Islamist policies. Years of war have devastated Syria's economy, with damage estimated in the tens of billions of dollars. The Syrian pound, once valued at 50 to the dollar, has plummeted to over 15,000, driving runaway inflation. Stabilisation and reforms are seen as critical to encouraging investment and the return of millions of Syrians, particularly from the educated diaspora. Hamwi reported increasing interest from expatriate Syrian entrepreneurs eager to participate in rebuilding efforts. "They will be the backbone of Syria's development," he said, emphasizing the need for significant investments in reconstruction, industry, and services. Attribution: Reuters Subediting: M. S. Salama
