The first annual Syrian-US Business Forum was held in Damascus on Monday, July 13, bringing together Syrian government officials, businesspeople and investors from both countries to discuss investment, economic recovery and bilateral cooperation. The Ministry of Economy and Industry organized the event in cooperation with the Syrian-US Business Council, in the first initiative of its kind at this level in years.

The forum sessions, attended by Enab Baladi and held at the Dama Rose Hotel in Damascus, addressed:

• Syria’s economic reform agenda for 2026 and 2027.
• Modernizing Syria’s financial environment and financing mechanisms.
• Legal and legislative obstacles facing US investments.
• Strengthening Syrian-US partnerships.
• Opening new channels for trade and investment cooperation.
• The Syrian government’s vision for economic recovery.
• Investment opportunities in production, infrastructure, energy and services.

The forum took place about a week after the United States announced the start of formal procedures to revoke Syria’s designation as a state sponsor of terrorism, imposed in 1979. The Syrian government welcomed the announcement, saying it would pave the way for Syria’s return to the global financial system and expand opportunities for investment and economic cooperation.

The event was held under tight security measures, in cooperation with “relevant authorities and international partners with security expertise, to ensure appropriate security and logistical measures and provide the conditions necessary for the forum’s success,” according to a statement issued by the Syrian-US Business Council before the event.

A New Chapter with the United States

In his opening remarks, Syrian Minister of Economy and Industry Nidal al-Shaar said Syria was entering a new phase in its economic relations with the United States, based on cooperation and investment.

He said recent developments, particularly US President Donald Trump’s decision to remove Syria from the US list of states designated as sponsors of terrorism, represented an important shift in economic relations and an opportunity to rebuild them on new foundations.

According to al-Shaar, removing restrictions that had for years obstructed trade and investment between Syria and the United States could allow capital and expertise to flow into the country. He stressed that the government viewed the current period as a responsibility requiring it to transform political openness into sustainable economic results that support growth and create jobs.

Exploring Investment Opportunities in Syria

US Deputy Assistant Secretary of State Jacob McGee said in a video address that Syria was moving from economic isolation into a new phase of openness. He said the United States viewed the transition as an opportunity to support economic stability and encourage investment partnerships.

McGee added that US companies had already begun exploring investment opportunities in the Syrian market, while Washington was working with the Syrian government to facilitate the country’s integration into the global financial system and improve its banking and regulatory environment in support of trade and investment.

He also pointed to what he described as early signs of economic recovery, including increased tourism activity and the return of refugees, which he said indicated that the economic environment was gradually improving.

Timothy Lenderking, a director at Squire Patton Boggs and former senior adviser at the US State Department’s Bureau of Near Eastern Affairs, said the current period represented an important opportunity to establish new partnerships in Syria amid efforts to advance reconstruction, strengthen the private sector and attract international investment.

Regarding the company’s role in developing US investment, Lenderking said it was working to:

• Provide legal and advisory expertise to US investors.
• Help establish a clearer business environment.
• Facilitate economic partnerships and open new communication channels supporting cooperation between Syria and the United States.

He said Syria offered promising opportunities in the coming period, adding, “We are here to support the building of bridges of cooperation between the two countries.”

He added that the company was working to provide legal and advisory expertise to the public and private sectors.

Laying the Foundation for an Economic Partnership

Issam Ghreiwati, president of the Syrian-US Business Council, described the forum as a pivotal moment in economic relations between the two countries and said it sent a message of confidence to local and international investors about the future of the Syrian economy.

He said holding the forum in Damascus provided, for the first time in years, a direct platform bringing together Syrian and US businesspeople to discuss investment, innovation and reconstruction opportunities. Ghreiwati added that the current period opened the door to broader economic partnerships across different sectors.

The Syrian side of the Syrian-US Business Council, known as USSYBC, is headed by Ghreiwati, who also serves as president of the Damascus Chamber of Commerce. Jay Salkini, founder and chief executive of Tecore Telecom L.L.C., serves as chairman of the council’s board.

Salkini said the Syrian-US Business Forum provided an important platform for exploring new opportunities for investment, trade and commercial partnerships between the United States and Syria as bilateral economic relations continued to develop and expand.

He said that since its establishment, the council had organized events and panel discussions in the United States to introduce US investors to opportunities in the Syrian market, build trust and cooperation between the two countries, and provide guidance and support to US companies seeking to enter Syria.

Qablawi: Oil Exploration Agreements Expected Soon

Youssef Qablawi, chief executive of the Syrian Petroleum Company, highlighted investment opportunities in the oil and gas sector. He said the sector was a central component of reconstruction and economic stimulus plans and ranked among the leading opportunities available to US investors.

Qablawi said the current month could see memoranda of understanding for oil and gas exploration converted into agreements covering the Syrian coast, without disclosing the nature of the expected development.

He said the company had signed several memoranda of understanding with international companies during the previous period, most of which had developed into investment contracts. Work was continuing to expand investments, particularly in offshore areas along the Syrian coast, he added. Qablawi said the company followed an approach based on transparency and partnership with investors to transfer technology and increase added value for the national economy.

Oil and gas exploration along the Syrian coast is currently governed by two memoranda of understanding:

• A memorandum signed in February between the Syrian Petroleum Company, Chevron and Power International Holding to explore Syria’s first offshore oil field.
• A memorandum signed in May between the Syrian Petroleum Company and a consortium comprising US company ConocoPhillips, France’s TotalEnergies and QatarEnergy, paving the way for offshore exploration in Block 3 of the Mediterranean Sea.

The United States had imposed a 41% tariff on Syrian exports entering its market. In late 2025, it announced plans to reduce the tariff to 10% as part of a comprehensive review of sanctions programs and trade restrictions imposed on Syria, before the higher rate was scrapped and returned to 10%.

The reduction followed outreach by the Syrian Business Council among US lawmakers over the need to lower tariffs, facilitate trade and support Syrian exports, including food products, traditional goods and textiles, in reaching US markets.