ÂÜÀòÊÓƵ

Syria is entering a transformative economic era. For the first time in nearly two decades, the US — under President Donald Trump — has revoked major economic sanctions on Damascus, signaling a dramatic reversal in policy. This executive order issued by Trump last month opens the door to large-scale financial flows, trade normalization and reintegration into global markets.

Other nations, following Washington’s lead, have either already lifted their own sanctions or are preparing to do so. This includes easing restrictions on banking systems, lifting bans on access to SWIFT (the global messaging network for cross-border financial transactions) and clearing the path for legal trade and investment into and out of Syria.

The revocation of US sanctions fundamentally changes the economic landscape inside Syria. For governmental institutions, this move means access to international financial networks, the restoration of foreign reserves, the ability to receive development aid and access to loans from international banks and multilateral institutions such as the World Bank and the International Monetary Fund.

Previously frozen assets may now be unlocked, giving the Syrian state and central bank breathing room to stabilize the currency, launch national infrastructure projects and attract capital to rebuild war-torn regions. Local ministries can now sign cooperation agreements with foreign governments and companies without the fear of international penalties, which paralyzed public investment for years.

The revocation of US sanctions fundamentally changes the economic landscape inside Syria

Dr. Majid Rafizadeh

For the Syrian people, this change is expected to bring concrete improvements in daily life. Essential goods that were previously limited or exorbitantly priced due to sanctions — such as medical equipment, construction materials and industrial machinery — can now flow more freely. This will not only improve healthcare and education systems, but also reduce costs for food, fuel and housing.

Additionally, with foreign businesses encouraged to invest and open branches, job opportunities will increase. Many Syrians who had emigrated due to economic despair may consider returning if the economic conditions stabilize. And with access to international banking and digital payment platforms restored, remittances from the Syrian diaspora will become easier and cheaper, delivering a vital financial lifeline to millions of families.

The implications for global companies, foreign investors and financial institutions are profound. For years, doing business with Syria was a legal and reputational risk. With sanctions removed, firms from Europe, Asia, the Gulf and even North America can now legally enter contracts, form partnerships and open joint ventures with Syrian entities.

Large multinationals are expected to be among the first to enter, especially in sectors like energy, construction, logistics and telecommunications. Moreover, the country’s reconnection to SWIFT means that cross-border banking transactions, letters of credit and digital payments can proceed efficiently. This reduces the operational friction and legal ambiguity that had previously discouraged foreign engagement.

At the same time, the new era presents rare opportunities for individuals, small businesses and startup entrepreneurs abroad. Whether based in Turkiye, the UAE, Europe or elsewhere, small and medium-sized enterprises can now export products to Syria, open franchises or supply goods to reconstruction and development projects. Investors that enter the market quickly will likely benefit from first-mover advantages in underdeveloped sectors.

What this all amounts to is the opening of a vast and largely untapped market. Syria’s economy, despite being battered by more than a decade of war, retains significant natural and strategic assets. With an gross domestic product of $21 billion this year, the Syrian market is set to grow dramatically with external investment.

Located at the nexus of the Middle East, Asia and Europe, Syria can serve as a transit hub and gateway for regional trade. Its fertile agricultural lands, natural gas reserves, phosphate mines and skilled labor force present long-term potential that had been suppressed under sanctions. As stabilization takes hold and reconstruction advances, the market value could double or triple within the next decade.

Within Syria, several economic sectors stand out as especially promising for foreign and domestic investors. Infrastructure and construction will lead the way. With entire cities and towns damaged or destroyed during the war, there is an overwhelming demand for rebuilding roads, bridges, homes, schools and hospitals. Investors in cement production, logistics, civil engineering and urban development will find significant opportunities, often with government co-sponsorship or donor funding.

Energy is another critical sector. Syria’s electricity grid, oil fields and gas pipelines were heavily damaged during the conflict and are now undergoing renewal. Renewable energy, particularly solar and wind, is also a key area for innovation. For energy companies, both large-scale projects and modular off-grid solutions offer attractive entry points.

The implications for global companies, foreign investors and financial institutions are profound

Dr. Majid Rafizadeh

The telecommunications and digital services sectors are equally ripe for growth. The country’s internet infrastructure and cellular networks need major upgrades. Startups and IT service providers can tap into e-commerce, online education, fintech and cloud-based services. In parallel, the reactivation of the Damascus Securities Exchange and liberalization of banking laws signal a coming revival of Syria’s financial sector. New banks, fintech platforms and micro-lending institutions will play a key role in enabling this transition.

Agriculture and food processing remain foundational to Syria’s economy. Before the war, Syria was a major exporter of olives, fruits, wheat and cotton. Today, much of the country’s arable land is underutilized due to a lack of modern tools and capital. This is where investment in agricultural machinery, irrigation technology and seed production can make a major difference. Investors can also look to food processing plants, packaging industries and export-focused agribusinesses, especially given the strong demand in neighboring markets.

Tourism and cultural heritage, once a hallmark of Syria, offer another long-term investment pathway. As security improves and international air travel resumes, ancient sites like Palmyra, Aleppo, Bosra and Damascus — thought to be the oldest continuously inhabited capital in the world — are set to regain their global appeal. Investors in hospitality, heritage restoration and ecotourism will find demand from both international tourists and regional visitors.

For individual investors and small businesses, entry points can include real estate, local partnerships, retail franchises and technology. Given the relatively low labor and operational costs in Syria, even modest capital can yield significant returns.

In conclusion, Syria is a country with enormous economic potential, long obstructed by war and isolation, but now on the cusp of reinvention. The lifting of US sanctions — followed by international normalization — is a signal to the global business community: Syria is open for investment. While challenges remain, including political uncertainty and infrastructure gaps, the foundational opportunities are undeniable.

With the right mix of vision, caution and strategic engagement, Syria may well become one of the most dynamic emerging markets in the Middle East over the next decade. For investors and companies willing to lead the way, the rewards could be substantial — not only in terms of profit, but also in helping rebuild a nation long deprived of economic dignity.

• Dr. Majid Rafizadeh is a Harvard-educated Iranian American political scientist. X: @Dr_Rafizadeh