Cancellation of Agreement with Russian Company for Tartous Port Investment
In an unexpected development, Riad Joudeh, the Customs Director of Tartous city, confirmed that
the agreement with the Russian company for investing in Tartous Port has been officially
canceled. This announcement comes amidst significant economic and administrative shifts in
the region after years of conflict and economic challenges.
Background:
The agreement, signed in previous years, aimed at developing Tartous Port to make it competitive
on a Middle Eastern level and to boost the Syrian economy through Russian investments. The
Russian company was responsible for managing the port and developing its infrastructure,
alongside some customs and tax facilitations.
Reasons Behind the Cancellation:
According to Joudeh, the agreement was canceled due to several factors:
- High Customs Duties: Joudeh noted that the previous customs duties and regulations were
hampering port operations and making it unattractive for investments. - Need for Restructuring: The transitional government seeks to restructure the work at the
port to align with the current national needs. - Revenue Repatriation: Now, all port revenues are for the benefit of the Syrian state,
implying an increase in national income.
The Future:
With the cancellation of this agreement, it is expected that workers will be returned to their
original employers at the port, and necessary labor will be provided to meet the port’s
requirements. There are also plans to significantly reduce customs duties, which could stimulate
trade and attract more investments.
Reactions:
There are mixed reactions to this move. Some believe that this cancellation will benefit the Syrian
national economy, while others are concerned about its negative impact on trade relations
between Syria and Russia.
The future of Tartous Port and its role in the Syrian economy remain subjects for observation and
analysis, especially under the significant changes affecting the country.
