by Hummam Sheikh Ali
DAMASCUS, Aug. 28 (Xinhua) -- At an international fair being held in the Syrian capital Damascus, foreign companies are testing the waters of a reconstruction market whose needs are immense, while banking, logistical and institutional hurdles remain.
The 63rd Damascus International Fair, which opened Wednesday and runs through Sept. 4, brought together companies and entities representing some 60 countries, with the first three days dedicated to businesses, investors and official delegations, according to its organizers.
The fair comes as Syria undergoes a broader economic and financial reopening. Signs of Syria's tentative financial reconnection emerged this week, when Visa and Mastercard carried out their first international card transactions in the country in more than 15 years.
Amid these changes, companies attending the fair say they see opportunities in rebuilding a country where more than a decade of conflict devastated homes, factories, power networks and other infrastructure.
Amine Aktekin, a project expert with the Istanbul Ferrous and Non-Ferrous Metals Exporters Association, said reconstruction needs in Syria brought Turkish exporters here.
"We are looking forward to partnerships with builders in Syria, building more connections and developing meaningful partnerships together," he said.
Saudi companies attending the fair are similarly examining opportunities in sectors where years of damage and underinvestment have created considerable demand.
Mohammed Jamal Baaqeel of Saudi Arabia's Desert Technologies said the renewable-energy company came to Damascus to explore the market and seek investment opportunities in smart infrastructure, renewable energy, electricity transmission and distribution, and electric-vehicle charging.
"We have found strong demand for investment, facilitation from the government and a promising future," he said.
For some exhibitors, Damascus represents not an entirely new market but one they are returning to.
Fawaz al-Maliki of Saudi-based AES Arabia Ltd. said his company, which provides water and wastewater treatment technologies, had worked in Syria between 2000 and 2010.
"We previously worked with the Syrian market before the war. We felt that we had to come back, participate and offer our services to the Syrian market as it recovers," al-Maliki said.
Though most U.S. sanctions against Syria have been lifted, companies exploring the market continue to see challenges.
Aktekin said financial and banking problems remain in Syria and that logistical challenges need to be addressed before trade can operate more smoothly.
Another practical challenge, Al-Maliki believes, is establishing effective communication with local authorities and ensuring they can engage "openly" with companies.■
