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5d ago

Syria's Economic Reboot Gains Momentum as US and EU Lift Sanctions

Sanctions relief sparks investment and optimism, but UN warns of lingering security and governance challenges.

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A man fires into the air from one of the trucks carrying some of the 60 displaced families who, supported by an NGO, are returning to their village after more than five years in the Atmeh camps near the Syrian-Turkish border, in Kafr Sijna, south of Idlib, Syria, Sunday, May 18, 2025. (AP Photo/Ghaith Alsayed)
Trucks carrying around 60 displaced families arrive in their village after more than five years in the Atmeh camps near the Syrian-Turkish border, in Kafr Sijna, south of Idlib, Syria, Sunday, May 18, 2025. (AP Photo/Ghaith Alsayed)
President Donald Trump attends a business meeting at Qasr Al Watan, Friday, May 16, 2025, in Abu Dhabi, United Arab Emirates. (AP Photo/Alex Brandon)

Overview

  • The US and EU have lifted core economic sanctions on Syria, marking a significant shift after 14 years of restrictions during the civil war.
  • The interim Syrian government is drafting investment laws to attract foreign businesses and support economic recovery through a free-market approach.
  • Major deals have been signed, including an $800 million port development contract with DP World and a $260 million agreement with CMA CGM for Latakia port.
  • UN Special Envoy Geir Pedersen emphasized the need for governance reforms and transparency to sustain progress and warned of ongoing risks of conflict and extremist activity.
  • Syrian business leaders express optimism about market access and economic revival, but experts caution that challenges like poverty, energy shortages, and banking compliance must be addressed.