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Ukraine And Syria Have Great Potential Of Trade And Economic Relations

March 13, 2008

In 2007, the trade turnover between Ukraine and Syria amounted to USD 1 billion. At the same time, its growth potential is estimated at least at USD 5 billion. The absence of well-established business contacts is a factor restricting the development of bilateral economic relations. This was stated by the president of the international innovative information technology center Issa Suhel.

I. Suhel noted that Syria knows little about Ukraine’s potential and Ukraine, in its turn, is in no hurry to use the possibilities of developing trade and economic relations with Syria. According to I. Suhel, the annual volume of sales between the states of around USD 1 billion proves that there are no well-established contacts between the business of the both countries.

“One billion dollars is not a limit, this is only a beginning. According to our center’s estimates, the potential of goods turnover exceeds USD 5 billion. That is to say, there is a great room for growth,” I. Suhel added.

He also noted that the main national export commodities supplied to the Syrian market are the products of metallurgy, the volume of which makes up around 40-45% of the entire trade turnover. The export of different kinds of equipment is the second in terms of importance.

In its turn, Syria offers Ukraine textile and pharmaceutical products. At the same time, the energy industry as well as the scientific and technical potential of Ukraine, which may as well be used in Syria, have prospects for bilateral development.

“Syria will be interested in joint projects on extraction of gas, oil and other natural resources – from development to sales. The industrial sector is also interesting in terms of development. Each quarter, we hold very serious tenders to expand oil refineries, which require construction of gas pipelines – these are real projects already waiting for joint implementation. But, in this context, the problem of Ukraine and Syria lies in the absence of a common coordinator, which would be interested in development of joint economic projects. I invite the Ukrainian business to cooperate in creation of a kind of business incubator, which should be working simultaneously in Ukraine and Syria in order to ensure efficient operation,” I. Suhel explained.

In his words, the development of tourism between the two countries is also promising. In 2007, Syria was monthly visited by an average of 300-500 Ukrainians. At the same time, the flow of Syrians traveling to Ukraine was several times higher.

Moreover, Syrians face obstacles in processing the documents. In particular, this concerns the procurement of visas. Thus, according to I. Suhel, both representatives of business and students willing to travel to Ukraine sometimes have to queue for two weeks in a row in order to have their documents processed.

At the same time, Syria has granted Ukraine very soft conditions in the issue of visa procurement. Thus, a visa to Syria may be obtained in four hours after submission of all the necessary documents. The cost of a visa is UAH 250.

Tags: trade, Syria