Enab Baladi – Jana al-Issa
In a statement issued from Washington on June 14, the US-Syria Business Council announced its official launch as an independent, non-profit, and non-political organization based in the American capital.
The announcement of the council’s establishment came after a meeting between the Syrian transitional president, Ahmed al-Sharaa, and US President Donald Trump, during which it was officially announced that economic sanctions imposed on Syria would be lifted.
The US-Syria Business Council is one of the first joint councils to be reactivated after the fall of the ousted regime, with expectations for the announcement of the formation of a British-Syrian Business Council in the near future.
The council consists of a board of directors and an advisory council that include a select group of experts in trade, law, taxation, industry, and technology, in addition to a dedicated executive team.
Founding members
Board members:
Jihad Salkini: A businessman, founder, and CEO of Tecore Networks.
Issam Ghreiwati: President of the Damascus Chamber of Commerce and businessman.
Abdul Hamid al-Akel: A businessman, founder, and CEO of T-Cetra.
Marky Breiten: A businesswoman from Ammoora Hospitality.
Bassel Ojjeh: A businessman and CEO of LigaDATA.
Advisory Council members:
Sameer Saboungi: Lawyer, legal advisor, and policy official.
Kamal Haykal: Lawyer, legal advisor, and businessman from Officelogix.
Luay al-Homsi: Financial advisor and businessman from InnoTech.
To discuss the necessity of reactivating joint business councils and their current role, as well as the operational mechanisms of the US-Syria Business Council in particular, and its work plan and expected repercussions on Syria, Enab Baladi met with council member Abdul Hamid al-Akel.
Al-Akel is a businessman and founder and CEO of T-Cetra, specializing in technology, telecommunications, and television.
He received the Ernst & Young Entrepreneur of the Year Award in 2022 and was a national finalist for his alternative contribution to the fintech sector, establishing strategic partnerships with industry leaders such as Amazon and Google.
The necessity for foreign partnerships
Regarding the need to reactivate joint business councils, businessman Abdul Hamid al-Akel stated that Syria is filled with potential and expertise from Syrians abroad who wish to rebuild Syria from outside its borders, as there is also a significant desire from foreign companies to engage with the new Syrian situation.
In light of the lack of many embassies from different countries in Syria, these companies face challenges in accessing the Syrian market; therefore, joint business councils can play an effective role in this area and activate different partnerships.
From this perspective, al-Akel sees a necessity to activate Syrian-European business councils in various European cities to provide a gateway for companies to engage in the Syrian market economically and commercially.
On June 18, the US-Syria Business Council organized a meeting that included more than 15 high-level representatives from the largest and most prominent Western financial institutions, in addition to five of the leading private banks in Syria, the Central Bank of Syria, and representatives from the governments of the United States and the United Kingdom, the European Union, the United Nations, the US Ambassador to Turkey, and the special envoy to Syria, Thomas Barrack.
The goal of this meeting was to present the components of development in the Syrian banking sector and the advantages of financial and banking investments and other sectors in Syria to American and global financial institutions.
Commenting on the council’s initial move, al-Akel said that the issue of banks is a priority, and resolving it is a key to entering all fields, which prompted them to communicate with several American banks and connect them with Syrian parties to present the financial and banking reality and overcome potential obstacles they might face in their upcoming activities in Syria.
Increasing trade value
The US-Syria Business Council aims to achieve a long-term primary objective of increasing the trade value between the United States and Syria, as explained by council member Abdul Hamid al-Akel.
Before 2011, the value of trade exchanges was very low; the council aims to increase this value to several billion.
The council will focus its activities on several priority sectors, primarily agriculture, followed by infrastructure, tourism, textiles, transportation, health services, energy, communications and technology, real estate, water purification, security equipment, and other sectors.
The volume of American trade in goods with Syria is very modest. For instance, American exports to Syria in 2024 amounted to two million USD, while imports from Syria reached 10.7 million USD.
Even before the revolution, trade volumes did not reach the billion threshold. For example, American exports to Syria in 2010 were around 500 million USD, while imports totaled 429 million USD.
In 2009, figures hovered around 300 million USD in both directions, but these numbers plummeted after 2011 to not exceed 20 million USD.
From the United States to Syria and back
The council will play a role in facilitating the operations of American companies wishing to enter the Syrian market through various investments, according to Abdul Hamid al-Akel.
The American-Syrian council member added that part of the council’s focus will also be on supporting Syrian companies wishing to export their products to the United States.
Previously, Syrian products reached the US, primarily food items like olive oil, soap, spices, cumin, and peppers, in addition to furniture (mosaic), which al-Akel considered as weak products.
The council aspires to revive this market by assisting Syrian companies in understanding US standards in this context to ensure good export figures, exporting materials as manufactured goods rather than raw materials, and ensuring competitiveness in the markets.
Three working avenues
The operational mechanism of the US-Syria Business Council consists of three avenues: the first is organizing roundtable sessions that gather specific parties, whether from companies or legislators in both countries within a specific sector.
The second avenue pertains to the conferences that will take place in both the United States and Syria, while the last avenue focuses on organizing business delegations between the two countries, initially from Washington to Damascus, and then later from Syria to the United States.
Al-Akel emphasizes that Syria is rich in expertise and potential that has not been effectively utilized previously. Today, Syrians can be found in the United States across all sectors as entrepreneurs in small, large, or medium-sized companies, and they are capable of taking on leadership roles in major American companies.
Agriculture, industry, and technology
Syria’s economic history relies on agriculture and industry, which will make it a strong economic country dependent on these sectors. However, it needs support in terms of infrastructure and investments to ensure a robust renaissance that places it on the right path, according to al-Akel.
The businessman added that Syria in the future may not export raw agricultural products; instead, its exports could hold added value. For example, instead of exporting cotton, it could export high-quality clothing, and instead of exporting soap as raw materials, it could be exported as finished products with a distinctive Syrian touch.
In terms of industry, Syria is an industrial country par excellence, possessing significant natural resources, and its youth are productive, skilled, and have had a strong presence across all countries of refuge in recent years. Furthermore, Syria is rich in energy, which guarantees a significant role in the field of industry.
Moreover, Syria’s strategic location on the Mediterranean ensures swift delivery of products to Europe.
From a technological perspective, Syrian youth have gained extensive experience in this field in recent years, especially concerning software industries, making Syria a potentially advanced country in technology and an alternative market for expertise that usually flock to countries like India.
US-Syria Business Council: A gateway for foreign partnerships Enab Baladi.
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