RIYADH: Syria and Uzbekistan signed a memorandum of understanding to establish a joint economic and trade committee, as the two countries seek to expand investment, commercial and industrial cooperation.
The committee will provide a regular framework for monitoring economic and trade relations, exchanging information, exploring business opportunities, addressing challenges and proposing ways to expand trade and partnerships between the two countries, the Syrian Arab News Agency reported.
The agreement comes as Syria’s economic recovery strengthens, with the International Monetary Fund expecting double-digit growth in 2026 and continued strong growth in 2027, supported by recovering agriculture, higher hydrocarbon production and electricity provision, as well as trade and services.
Uzbekistan, meanwhile, recorded $43.1 billion in foreign investment inflows in 2025, while its economy grew 7.7 percent, according to the country’s investment-promotion agency. The country’s industrial production also expanded 6.8 percent last year.
“Under the MoU, the committee will meet annually, alternating between Syria and Uzbekistan, with private sector participation. This aims to facilitate the transition from economic dialogue to tangible, developable opportunities, projects, and partnerships,” the SANA report stated.
The Syrian Ministry of Economy and Industry said the agreement followed discussions on attracting investment, developing industrial and commercial projects, and drawing on Uzbekistan’s experience in guiding investors from identifying opportunities through to project implementation.
The Syrian Ministry of Economy and Industry said the agreement followed discussions on attracting investment, developing industrial and commercial projects, and drawing on Uzbekistan’s experience in guiding investors from identifying opportunities through to project implementation.
Syrian Economy and Industry Minister Nidal Al-Shaar began a visit to Uzbekistan on Sept. 17 at the head of an economic delegation to discuss expanding trade, industrial and investment cooperation and opportunities for joint projects, SANA reported.
Attracting foreign capital
The move comes as Syria seeks to deepen international economic ties and attract foreign capital following the lifting of US sanctions in July 2025. Earlier this week, a US economic delegation met with Syria’s sovereign fund to discuss investment opportunities and assess the country’s market.
Syria has also sought to revive trade and investment partnerships with regional economies. The UAE and Syria relaunched their joint business council in August, with the initiative aimed at supporting private-sector investment and economic cooperation.