هذا التقرير متاح أيضًا بـ العربية

Discussion of Syrian-American relations has shifted from political and security files most recently capped by Syrian President Ahmad al-Sharaa’s meeting with US President Donald Trump on the sidelines of the NATO summit in Ankara, and Washington’s announcement that it has begun procedures to remove Syria from the list of state sponsors of terrorism to the prospects for economic opening.

These steps coincided with the first annual US-Syria Business Forum on July 13, 2026, following al-Sharaa’s meeting with a number of business leaders during his recent visit to Washington.

With the political shifts that followed the fall of Bashar al-Assad’s regime, after decades in which Syria’s name was associated with sanctions and economic isolation, a question emerges over how ready the Syrian economy is to attract American capital in the coming phase.

Does Syria have what it takes to attract US investment?

Economic sanctions imposed on Syria for decades, fears of overcompliance in enforcing them, and the isolation the country has lived under for more than 60 years have all been major obstacles to the flow of foreign investment.

US Secretary of State Marco Rubio said that the start of legal procedures to remove Syria from the list of state sponsors of terrorism, along with notifying Congress of a 45-day review period, is intended to open the door to trade, investment and contributions to rebuilding the country.

Damascus is betting that easing US restrictions will open financing channels and banking transfers, and encourage Western companies to study investment opportunities, at a time when Syria needs massive capital to rehabilitate its infrastructure and productive sectors.

Economic expert Razi Mohieddin told NoonPost that Syria has factors that could make it an attractive destination for American companies and investors, tied to its geographic location, recent political and legal shifts, and the availability of broad opportunities in operational sectors and reconstruction.

Syria’s location stands out as one of the region’s most important transit points, as it could form a vital corridor for transit and energy flows, especially after the US-Iran war.

According to the executive adviser for planning and follow-up affairs at the Ministry of Economy and Industry, the United States views Syria as one of the strategic alternatives for reducing the risks of a closure of the Strait of Hormuz, whether for transporting Iraqi and Gulf oil or facilitating transit movement between Europe and the Gulf states.

The Syrian government is working to reconfigure the business environment to attract foreign capital, according to Mazen Dirwan, head of the Federation of Syrian Chambers of Industry, who told NoonPost that the country has competitive advantages not available in many markets, including ready-made industrial zones, alongside plans to expand industrial cities in Aleppo and Adra indicators he described as “very positive” for investors.

Dirwan believes the new tax law is one of the most prominent tools for improving the investment climate, given the clarity and simplicity it provides in procedures compared with the complexities investors previously faced.

He noted that the length of time required to obtain industrial and commercial licenses remains one of the most prominent challenges, though the government is working to address it by digitizing procedures and turning them into faster, more flexible electronic services.

Years of war and sanctions have widened the gap between supply and demand in the Syrian market, after the sharp decline in domestic production and foreign investment, and the resulting shortages in goods, services, infrastructure and industrial capacity.

That gap, in turn, represents an opportunity for high returns, as markets suffering from supply shortages offer larger profit margins than markets saturated with competition.

Economic expert Razi Mohieddin stresses that some global companies move toward investing in environments classified as high risk, working to turn their weaknesses into profit opportunities not available to the same extent in stable markets.

Investors in such markets usually seek high returns that compensate for the scale of the risks, which gives Syria a potential advantage, whether as a domestic market of about 25 million people or as a hub that can serve neighboring geographic markets.

Energy first: Where are US investments looking for opportunities in Syria?

The first Syrian-American Business Forum, held in Damascus on July 13, 2026, focused on presenting the government’s economic reform program, updating the legislative and financial environment, and showcasing investment opportunities in the production, energy, transport, digital infrastructure and telecommunications sectors, alongside Syria’s emerging innovation environment.

Speakers at the forum, which NoonPost attended, agreed that the energy sector tops investment priorities in the coming phase, followed by transport and logistics, including airports, road networks and related construction.

Major American energy companies, including “Chevron” and “ConocoPhillips,” have begun initial steps to enter Syria’s energy sector. In February 2026, “Chevron” signed a memorandum of understanding with the Syrian Petroleum Co. and Qatar’s Power International Holding to study opportunities for oil and gas exploration and development in Syrian territorial waters in the Mediterranean.

The memorandum includes conducting technical studies and assessing hydrocarbon potential in the area, in preparation for moving to later investment stages.

As for “ConocoPhillips”, it announced in May 2026 its participation in a memorandum of understanding that includes TotalEnergies, QatarEnergy and the Syrian Petroleum Co. to study opportunities for exploring and developing gas resources in Syria’s offshore block. In June of the same year, a cooperation agreement was signed with the company to develop gas fields and increase production.

During the forum, Talal al-Hilali, head of the Syrian Investment Authority, revealed a wide gap between supply and demand in the tourism sector, explaining that the country needs about 25,000 hotel rooms, while the number currently available does not exceed 4,000, making hotel investment one of the areas that could generate quick returns.

Technology and digital transformation were among the forum’s main themes, given Syria’s need to modernize its digital infrastructure and develop electronic payment services, digital government and telecommunications areas in which American companies have extensive expertise as Damascus moves to digitize government and financial services.

Mazen Dirwan believes that the entry of major American financial institutions, such as JPMorgan, alongside payment service companies such as Visa and Mastercard, sends a positive signal to other companies that dealing with the Syrian market has become possible and that carrying out international payments and transfers has become easier.

The Syrian-American Business Council: A bridge for communication

Attracting American investment is not tied only to decisions to lift sanctions and to political shifts. It also requires channels capable of building trust and linking companies to available opportunities. That is where the Syrian-American Business Council comes in, as one of the tools aimed at opening new pathways for the Syrian government and the private sector by facilitating communication between American investors and the Syrian market, and working to address obstacles that may hinder their entry.

The council, headed in Syria by Issam Ghreiwati, plays a role that goes beyond promoting investment opportunities, serving as a link between Syrian businesspeople abroad and local institutions. Speaking to journalists at the forum, Ghreiwati said the council’s mission is not limited to connecting companies, but extends to turning political and economic dialogue into actual partnerships and investments.

The council also seeks to connect American expertise and technology with Syrian skills and talent by helping American companies understand the nature of the local market and supporting Syrian companies in reaching American partners and capital, in a way that serves reconstruction projects and long-term development.

Rawad Ramadan, head of the Syrian Council for Coordinating Business Councils at the Ministry of Economy and Industry, told NoonPost that the Syrian-American Business Council is part of a group of 18 councils established to allow direct private-sector participation in construction, development and reconstruction processes.

Ramadan noted that the mechanism of the coordination council he heads is based on linking businesspeople abroad with government entities through an electronic platform and a procedural guide, while monitoring the obstacles investors face and turning them into follow-up files submitted to the relevant authorities for institutional handling.

Obstacles to US investment in Syria

For years, US sanctions were the biggest obstacle to the flow of investment into Syria, but attracting American and foreign companies still depends on Damascus’ ability to address a set of challenges accumulated over past decades.

Investors do not look only at the scale of available opportunities. They also factor in the stability of the legal environment, the efficiency of the financial system, the level of services and infrastructure, the ease of doing business, and the ability to protect capital and ensure the continuity of projects.

The legislative and legal environment is at the forefront of the challenges facing investment in Syria, as some laws still in force date back more than 60 years, requiring a comprehensive update in line with the demands of modern investment.

During the sessions of the Syrian-American Business Forum, Syrian officials including the minister of economy and industry, the governor of the Central Bank of Syria, the head of the Investment Authority, and the ministers of transport and communications confirmed that work is underway to review and update a number of economic laws. They indicated that some draft laws have been completed and are awaiting submission to the People’s Assembly for approval.

Alongside legislation, the issue of commercial arbitration also emerged, particularly the obstacles related to granting international arbitration awards enforceable status in Syria. Competent courts had been re-examining some of these awards or refusing to enforce them based on legal interpretations related to violations of public order.

Harout Akmanian, a specialist in international law and arbitration, believes overcoming these obstacles requires choosing a neutral seat for arbitration outside Syria, ensuring the independence and neutrality of the proceedings. He also proposed using dispute boards as a preventive mechanism to address disagreements during project implementation before they escalate to the more costly and complex arbitration stage.

Investors also face obstacles stemming from the multiplicity of ministries and public entities involved in a single project. Joseph Jagati, founder and president of the Mosaic Foundation and a board member of the Syrian Jewish American community, told NoonPost that his organization is working to support a number of fields in Syria, including economic activities, relief work and training, alongside encouraging Syrians living abroad to return and invest in the country.

Jagati says that his personal experience since returning to Syria after the recent political shifts has not faced major challenges, stressing that many Syrians abroad are eager to contribute to rebuilding the country and opening new areas of investment.

But the challenges facing foreign companies appear more complex. Jagati places the difficulty of bank transfers and the movement of funds at the top of the obstacles. He explains that the inability to move money through ordinary banking channels has pushed some investors to rely on small transfer companies or financial institutions outside the United States, increasing transaction costs and limiting flexibility.

He believes this problem, along with bureaucracy and slow procedures, hampers the smooth flow of economic activity, as companies need more efficient financial and administrative systems that allow them to carry out their operations quickly and clearly.

Concerns related to the security situation also remain present among some businesspeople. Razi Mohieddin, an adviser to the economy minister, believes these challenges could, in turn, open opportunities for global companies specializing in security solutions, while Mazen Dirwan considers some of those concerns to be based on personal perceptions that do not fully reflect the reality of the market.

In that sense, the return of American interest in the Syrian market represents an opportunity to rebuild the relationship between Damascus and Washington on new economic foundations. But turning that interest from statements and meetings into actual investments will remain contingent on Syria’s ability to develop a stable and clear business environment, facilitate the movement of funds, speed up procedures, and provide legal and security guarantees that protect investors and their projects.