European Union: Linking the Syrian economy to the world is essential for full reconstruction

Michael Unmacht, the European Union's Chargé d'Affaires in Syria, affirmed that full economic recovery cannot be achieved without integrating the Syrian economy into the global economic system. He underscored that the private sector is the primary driver of growth and development in the country, speaking on the third and final day of the First National Private Sector Dialogue Conference, held at the Damascus Conference Palace.

The EU's Position on Syria

Unmacht noted that the European Union has lifted its sanctions on Syria and is continuing to advance the normalization of relations with Damascus. He stressed that connecting the Syrian economy to international markets is a fundamental requirement for supporting the rebuilding process. He also indicated that the EU has conducted dialogue sessions across several Syrian governorates and is working to develop practical steps to support the national economy and rebuild its capacities.

Conditions for Successful Investment

The EU envoy emphasized that financing alone is insufficient to ensure the success of economic projects, stating that any investment requires a clear legal framework and a suitable business environment. He further noted that supporting Syrian banks is a pivotal step toward linking Syria to the international banking system and reintegrating it into the global financial order. While affirming the EU's readiness to provide assistance when requested, he cautioned that no single donor can cover all of Syria's needs, making the convergence of domestic and international efforts essential.

Conference Agenda

On its final day, the conference addressed a range of key economic issues, including:

• Strengthening cross-border trade between Syria and Jordan
• Expanding access to finance for small and medium enterprises
• Developing cooperation between the private sector and international financial institutions
• Linking economic stability with justice and social cohesion

Organizational Framework

The First National Private Sector Dialogue Conference for 2026 opened in Damascus on Monday, organized by the Ministry of Economy and Industry in cooperation with the United Nations Development Programme (UNDP) and in partnership with the Government of Japan. The conference brought together a broad representation of government officials, economic stakeholders, and business figures from inside and outside Syria.

Significance of Holding the Conference Inside Syria

This conference is the first of its kind to be held on Syrian soil, following seven previous editions held abroad. The shift reflects a deliberate move to bring economic dialogue back home and align it with the current phase's development and investment requirements. The conference examined economic recovery, improvements to the business environment, and the private sector's role in supporting domestic production and shaping economic policy.