Syria's Minister of Internal Trade and Consumer Protection outlined the country's transition towards a competitive free market economy during an economic forum held at the Damascus Chamber of Commerce on January 29, IntelliNews has learned.

The forum, titled "Insights on Competitive Free Market Economy," hosted by the fledgling government in the country, comes as business groups from across the world head to Damascus for investment deals, including in technology and manufacturing. Public-private partnerships are an area that the new Syrian state aims to use to help revive the war-ravaged economy, including deals with foreign companies.

The event came as several European officials visited the Levantine country on January 29, including officials from Germany and EU officials. 

Minister Maher Khalil Al-Hassan said that a competitive free market economy represents a fundamental pillar for achieving sustainable economic growth, describing a system where supply and demand determine prices with limited government intervention.

The new minister’s comments come as Syria continues to struggle with the post-war environment and dwindling reserves of cash due to years of conflict in the country, which led to the ousting of the former al-Assad regime after more than 50 years in power.

Al-Hassan noted that this approach aims to enhance efficiency and innovation through free competition between companies.

The minister cited Turkey, China and Malaysia as successful examples of countries that have achieved significant economic growth through free market policies.

Turkey and Persian Gulf states, including Qatar and Kuwait, have increasingly shown an interest in helping rebuild the Syrian economy, with both neighbouring states offering to host investment for a much-delayed gas pipeline from Doha to Europe via Turkey.

He suggested that Syria could benefit from studying these international experiences while developing monetary and economic policies tailored to its specific circumstances.

Addressing policy implementations, al-Hassan outlined several key initiatives, including encouraging investment, developing infrastructure, strengthening the financial system, enhancing workforce education and training, and establishing consumer protection legislation to prevent monopolistic practices.

Responding to questions about customs regulations, the minister clarified that the current system aims to protect domestic producers and encourage industry, with recent reforms standardising customs fees across Syria for a three-month trial period, Al-Watan newspaper reported.

He said that the government is working to streamline procedures and remove previous restrictions that hindered economic activity, describing this as a first step toward comprehensive regulatory reform.

Earlier on January 22, Syria’s new Foreign Minister Asaad al-Shaibani said at the Davos forum by the World Economic Forum, “There needs to be law, and there need to be clear messages to open the way for foreign investors and to encourage Syrian investors to return to Syria,” FT reported.

Previously, Syria under Basher al-Assad relied heavily on exports of a class-B drug called Captagon, effectively redirecting state operations to the sale of the drug to markets including Dubai and Turkey.

A video circulating on social media following Assad’s fall showed a warehouse in Syria filled with Captagon tablets, which turned out to be part of the multi-billion dollar smuggling operation.

The event also comes a day after Syrian officials met with a Russian delegation where the Syrian leader Ahmed al-Sharaa reportedly requested the return of Bashar al-Assad from Moscow, where he fled on December 8.