Syrian Finance Minister Mohammad Yasser Barneeh held discussions with representatives of two major Japanese financial and banking groups, Sumitomo Mitsui (SMBC) and Mitsubishi UFJ (MUFG), in two separate meetings, regarding available investment opportunities in Syria. These talks took place on the sidelines of the annual meetings of the International Monetary Fund and the World Bank Group held in the Thai capital, Bangkok.
Review of the Financial Situation and Opportunities
The Ministry of Finance stated on Friday that the Syrian delegation presented the state of the financial sector in Syria, highlighting key economic and financial developments and ongoing reforms, alongside available investment opportunities, particularly in priority sectors. It noted that the discussions focused on cooperation prospects in financing investment projects, trade financing, and developing debt instrument markets.
Japanese Interest in Expanding into the Syrian Market
The ministry indicated that representatives of the two groups expressed serious interest in exploring opportunities to enter the Syrian market and contribute to financing investment and developmental projects and activities. These are areas where Japanese financial institutions possess extensive expertise and a prominent international presence. An understanding was reached to exchange information regarding several financeable projects, paving the way for their study and evaluation of cooperation opportunities.
Practical Steps for Future Cooperation
The ministry added that work is underway to arrange exploratory visits by delegations from the two institutions to Syria, to directly observe the economic reality and available investment opportunities, and to hold discussions with relevant authorities and ministries. It was also agreed to organize joint technical meetings to deepen the Japanese institutions' understanding of the Syrian financial situation and discuss the requirements necessary for their studied entry into the Syrian market in coordination with relevant authorities, thereby paving the way for establishing sustainable financial and banking partnerships.
Previously, the Finance Minister met with the Japanese Finance Minister, where they discussed encouraging Japanese investment banks to finance projects in Syria.
Source: Syrian Arab News Agency (SANA)
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