Sirya

The Syrian Republic is situated in Western Asia. It borders with the Mediterranean Sea and Lebanon to the west, with Israel to the south-west, with Jordan to the south, with Turkey to the north and with Iraq to the east.

Syria is an overwhelmingly agricultural, middle-class country. The two main industries, on which the Syrian economy is based, are oil and agriculture. Furthermore, the country’s overall revenue is enriched by the service sector. This sector engaged about half of the state’s workforce in the beginning of the new millennium.

The Syrian government controls the most crucial branches of the country’s economy and scrutinizes the private business.

In recent years, Syria has become increasingly attractive for potential investors, particularly because of its well-developed oil sector, which constitutes a large component of its GDP. Today, the Syrian economy faces serious challenges, one of which is the opening of a stock market in order to ensure steady cash flow movements, as well as increasing the value of the local currency – the Syrian pound. The country is an active exporter of goods such as: minerals, petroleum products, textiles, animals, fruit and vegetables. Imports include products such as: machinery, technical equipment and technology. The Syrian government constantly implements new policies, in order to improve infrastructure and efficiency.

The Syrian trade balance is uneven; there is a deficit that is counterbalanced by incomes from transit, tourism, foreign aid, trade returns, and revenues of Syrians overseas. Goods imported from the European Union (EU), China, and Turkey make for the majority of Syria’s imports. Some of the main import items are agricultural and industrial machinery, motor vehicles and accessories, drugs, fabric, and food.

Tips for Doing Business in Syria

• When doing business and trading with Syria, be prepared to encounter some non-tariff trade barriers. Some of these include a a non-convertible currency, an inadequate banking system, and cumbersome and confusing government regulations.
• Many sectors in Syria are seeing growth. These include: education and training, construction, life sciences, oil and gas, financial services and other business sectors.
• Negotiation styles in Syria will vary with the age and international experience of the people/companies you are doing business with. In general, expect business deals to move slowly and require a lot of patience. Like in most of the Middle East, face to face contact and relationship building are crucial to doing business.
• Syrians are known for their hospitality. When doing business in the country you are likely to be invited to an evening dinner. Accept such requests and take advantage of the opportunity to get t o know your business partners.
• It is appropriate to wear formal business suits for meetings, preferably in dark colors. Syrians will usually dress up for evening and other special events. Dress codes for women are not as strict, as Syria is a secular state, but anything too revealing should still be avoided.
• Punctuality is not very important in Syria and you can expect your partners to be late every now and then. However, it is expected of foreigners to be on time, even if they may be kept waiting for a few minutes.
• When meetings start, allow small talk and general conversation to be carried out as long as needed by your Syrian counterparts.
• Always give and receive business cards with the right or both hands only. It is customary to exchange these in the beginning of meetings.

Cost of Living

The following table compares the costs of some basic products in Damascus, Syria and Sofia, Bulgaria.

Official Holidays in Syria

1 January – New Year’s Day
15 February – Mouloud (Birth of the Prophet)
8 March – Revolution Day
21 March – Mother’s Day
17 April – Independence Day
24 April – Easter
1 May – Labour Day
6 May – Martyrs’ Day
31 August – Eid al-Fitr (End of Ramadan)
6 October – October Liveration War
6 November – Eid al-Adha (Feast of the Sacrifice)
26 November – Islamic New Year