The Syrian government signed a memorandum of understanding with a Chinese company to invest in free zones.

 The Syrian General Authority for Land and Sea Ports announced on Thursday the signing of a memorandum of understanding with a Chinese company to invest in free zones with an area exceeding one million square meters for a period of twenty years.

In a statement published on the X platform, the authority announced the signing of a "strategic memorandum of understanding with the Chinese company Fidi Contracting, granting the company the right to fully invest in the free zone in Hassiya in Homs Governorate (central Syria), with an area estimated at approximately 850,000 square meters, with the aim of establishing an integrated industrial zone containing specialized factories and production facilities."

The memorandum of understanding also included "granting the Chinese company the right to invest 300,000 square meters of the free zone in Adra" in the Damascus countryside, with the aim of "establishing commercial and service projects that meet the requirements of the local and regional market," according to the statement.

The contract is for a period of twenty years, and the investing company is committed to implementing the project's phases according to a specific timetable, ensuring "the achievement of economic feasibility and strengthening the role of free zones as a driver of development and attracting foreign direct investment," according to the authority.

Syria includes several free zones that offer numerous advantages to foreign investors, including complete exemption from all taxes and fees, the freedom to employ local or foreign labor, and the freedom to transfer foreign capital.

According to the statement, the memorandum of understanding "is part of the Authority's policy to revitalize Syrian free zones and attract foreign capital," a move it hopes will "contribute to job creation, technology transfer, and increased trade volume through land and sea ports."

Since coming to power, the new Syrian authorities have sought to boost the economy in preparation for the start of the recovery phase after 14 years of devastating conflict. The authorities are counting on the favorable effects of the lifting of US and European sanctions.