As part of the government's efforts to develop the business environment in Syria, the Supreme Council for Economic Development issued Resolution No. 1, which includes executive instructions for regulating investments, monitoring projects, and defining mechanisms for cooperation between investors and government entities.
This resolution represents a fundamental step in modernizing economic laws and facilitating the entry of local, Arab, and foreign investments.
First: Objective of the Resolution
The resolution aims to:
Clarify the administrative and regulatory procedures related to economic projects.
Define the legal relationship between investors and official bodies.
Enhance transparency in project monitoring and evaluation.
Address administrative obstacles facing investors.
Activate the role of the Supreme Council for Economic Development in making decisions regarding strategic projects.
Second: Scope of Application
The resolution covers:
Investment projects under the jurisdiction of the Supreme Council for Economic Development.
New projects, expansion projects, and rehabilitation projects.
Investors from the private, joint, and public sectors.
The resolution also specifies how to submit applications, the required documents, and the entities responsible for issuing approvals.
Third: Licensing and Follow-up Procedures
The executive instructions outline the following steps:
1. Submitting the Investment Application
The investor must submit a complete file including:
Information about the project and its nature.
Preliminary economic feasibility study.
Proposed location.
Type of activity and production capacity.
Legal information of the investor.
2. Project Evaluation
The relevant authorities will:
Review the application technically and administratively.
Verify the project's compliance with economic policies.
Issue recommendations to the Supreme Council for project approval or rejection.
3. Issuing Approval
After review by the relevant committee, the Supreme Council will issue:
A decision approving the project.
Defining the terms of operation.
Defining any privileges or exemptions (if applicable).
4. Monitoring and Oversight
The decision includes precise mechanisms for monitoring project implementation, including:
Submitting periodic reports on progress rates.
Monitoring adherence to the timeline.
Evaluating economic performance.
Taking corrective action in case of violations. Fourth: Investor Obligations
The decision requires the investor to:
Full adherence to approved plans.
Compliance with environmental and technical standards.
Legal registration of employees.
Provide the required data to the Supreme Council.
The instructions also clarify the penalties for non-compliance, including suspension or cancellation of the license.
Fifth: Incentives and Facilitations
The document highlights the decision's role in providing:
A clearer and more transparent regulatory environment.
Faster approvals.
Strengthening trust between the investor and the government.
Simplifying bureaucratic procedures, which were previously a major obstacle.
Sixth: Importance of the Decision for the Business Sector in Syria
This decision is important for several reasons:
1. Enhancing Investment Confidence
With clear instructions, the investor can understand the complete administrative process for their project without ambiguity.
2. Supporting Strategic Projects
The decision enables the Supreme Council to make swift decisions that support projects with a direct economic impact.
3. Unifying Government Procedures
This is achieved through a single central body, the Supreme Council for Economic Development, thus reducing conflicting decisions and delays.
4. Enhancing the Competitiveness of the Syrian Economy
This is accomplished by creating a more flexible and attractive regulatory environment for investment.
You can view the full law by downloading it here.
