Syrian Foreign Minister Tells WEF His Nation Is Open to Outside Investment

Syrian Foreign Minister Asaad Hassan al-Shibani at the World Economic Forum in Davos, Switzerland, on Jan. 22, 2025. Yves Herman/Reuters

Syrian Foreign Minister Asaad Hassan al-Shibani told the World Economic Forum on Jan. 22 that the country will open its economy to foreign investment.

Speaking in Davos, Switzerland, Shibani said that Damascus, now under the rule of a provisional government following the fall of Bashar al-Assad’s regime, is also working on energy and electricity partnerships with states in the Arabian Gulf.

“Syria’s economic resources are diverse and we have a lot of sectors—industry, tourism. ... Of course the economy in the future will be open and will open the road for foreign investment,” he said during a conversation with former UK Prime Minister Tony Blair.

“We need the help of the international community to help us in this new experiment. The big challenge is economic sanctions. We inherited a lot of problems from the Assad regime ... but removing economic sanctions is key for the stability of Syria.”

Although some Western countries have moved to restore ties with Damascus, some remain cautious about the country’s new rulers, led by the terrorist group Hayat Tahrir al-Sham (HTS).

“All the time they ask us about how to guarantee the rights of [this or] that group and how to guarantee the rights of the woman—in Syria, all of us will be under the Constitution and under the rule of law,” Shibani said.

Hayat Tahrir al-Sham means Organization for the Liberation of Syria in Arabic. It began as al-Nusra Front, an affiliate of the al-Qaeda terrorist group. The group was designated a foreign terrorist organization by the U.S. State Department in 2018. Canada, the UK, and the European Union also consider HTS to be a terrorist group.

Its leader, Ahmed al-Sharaa, who uses the nom de guerre Abu Mohammed al-Golani, was the subject of a $10 million bounty by the United States. The Biden administration said on Dec. 20, 2024, that the United States had decided to lift the bounty. The announcement followed a meeting in Damascus between al-Sharaa and the top U.S. diplomat for the Middle East, Barbara Leaf, who led the first U.S. diplomatic delegation into Syria since Assad’s ouster.

Shibani told Blair on Jan. 22 that he visited Saudi Arabia, the United Arab Emirates, and Qatar to discuss strengthening ties between those nations and Syria.

Doha has pledged to initially supply Syria with 200 megawatts of electricity and gradually increase the quantity, Qatari Prime Minister Mohammed bin Abdulrahman bin Jassim Al Thani said during a visit to Damascus.

Shibani said that the Assad regime had used “harsh language” about the Gulf nations and exported Captagon to those countries. Captagon was the brand name for fenethylline, a synthetic stimulant composed of amphetamine and theophylline. Developed in the 1960s, it is no longer legally produced in most countries.

He said the Gulf countries are important and Syria should also take an active role in the region.

“They should help us in the future of Syria,” he said.

Shibani also said a committee of representatives from various groups would work on the country’s new constitution after holding a national conversation, which will include all segments of society to help chart Syria’s course post-Assad.

At a press conference in Damascus on Jan. 22, U.N. Syria envoy Geir Pedersen said, “We need an inclusive transition leading to a new constitution, free and fair elections, in a Syrian-led and Syrian-owned political process that will restore Syria’s sovereignty and territorial integrity.”

Both Pedersen and Shibani reiterated calls for ending the international sanctions imposed on Syria.

Chris Summers, Reuters, and The Associated Press contributed to this report.