The Director-General of the Investment Authority, Madian Diab, confirmed that Investment Law 18 is the cornerstone of the comprehensive development process for the business environment in Syria. What distinguishes the new investment law are the incentives, benefits and facilities provided by the law, which will ease the burdens placed on the investor and help him expedite the implementation of his project, which were not noticed by previous investment laws.
According to Diab, to “Al-Watan”, the scope of the sectors covered by the new law was expanded, and a set of incentives and various generous customs or tax exemptions, non-tax and procedural ones were provided. In addition, the new law provided a formula for institutionalizing the procedural process for granting the investment license and linking it to time and reducing the burden, cost and time on the investor.
The law did not neglect to provide sufficient guarantees to the investor, and the most important of these guarantees is the procedural evidence so that no procedural or financial burdens may be imposed on the investor when obtaining the investment license and establishing the project.
On the support that the investment law will provide to the Syrian economy, Diab stressed that it is expected to provide many job opportunities in all fields, and will also contribute to increasing the movement of local trade, and the diversity of investment fields in the one investment zone will create a high level of competition in the local market.
Diab stressed the importance of the investment law in light of the current circumstances and changes in terms of stimulating investment and creating a competitive investment environment to attract capital, benefit from various expertise and specializations and expand the production base.
In addition to increasing job opportunities, which contributes to raising economic growth rates, which will have a positive impact on increasing national income, leading to comprehensive and sustainable development.
Diab indicated in his speech that the executive instructions of the Investment Law guaranteed the investor’s rights as stipulated in Article 19, which affirms the right of the non-Syrian investor throughout the project’s duration to obtain residence permits for himself, his parents, his wife, his children, his non-Syrian workers, technicians, experts and technicians, in accordance with the provisions of Law/2 / For the year 2014, he is also entitled to obtain licenses for himself and his non-Syrian workers, experts and technicians in accordance with the decisions and regulations in force.
The most important thing, according to Diab, is that one of the investment guarantees is that the project will not be expropriated except for the public interest after compensation equivalent to the real value of the project at the prevailing price at the date of acquisition.. Also, the project will not be subject to any new procedural burdens resulting from decisions, circulars and communications issued by any public authority not included in the procedural manual in force. The date of submitting an application for an investment license, except for what is related to the environment and public health. The investment license may not be canceled except after warning the investor of the violations attributed to him that pertain to the project, while confirming that he has been given a period of 90 days to remove the violation.