Syrian Economy   Syria Today Industry Agriculture Economy Tourism Religions     Syria has a unique State Socialist Economic System. The Economy consists of three sectors: The public sector, which is built upon the nationalized industries (including the insurance and banking sectors) by the Baath Revolution of March 9th 1963. The cooperative sector, which is a joint private-government business investment, such as foreign oil exploration and drilling and a series of tourist ventures. The private sector consisting of an important agricultural, commercial and industrial establishments, and even though it is a small sector, it plays a key role and has a vigorous economy. The recent economic reform allowed the private sector to import subsidized commodities at the market price, also, exporters can keep 75% of the profit they make in foreign currency, and use it to import specific goods or exchange it at the market rate. In the 1991, over thirty thousand applications have been submitted to form corporate businesses. Syria has a very reasonable inflation rate and a high profitability rate; a new stock market is expected to be established soon. Also, foreign banks will be allowed to operate in the Syria free zones. Prospects for private and foreign investments are very wide and have a viable potential. A process of economic liberalization is under way. These measures aim at stimulating the economy, such as Investment Law (10) for foreign and domestic investments in the agricultural, industrial and transportation sectors or other projects approved by the higher investment council; Law number (20) for the reduction of tax percentage on investment income; also, Law number (13) for permitting Syrians residing abroad to import vehicles, agricultural and industrial equipment. More recently natural gas and oil have joined the list of economic discoveries in Syria. The government established an oil company, Al Furat, to oversee the exploitation of this most valuable resource and actually over twenty-five foreign companies are exploring and exploiting Syrian oil. By the end of 1992, the production will reach 500,000 barrel per day.
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