Al-Sharaa says Syria moves toward open market economy
DAMASCUS, Syria (North Press) – Syrian Transitional President Ahmad al-Sharaa on Tuesday said the country is undergoing a transition from what he described as a “semi-socialist” system plagued by corruption to an open market-based economy, warning that the process may require “shocking decisions” whose positive effects will become evident over time.
Al-Sharaa made the remarks while participating in the 2026 Arab Media Summit, held in Dubai from Sep. 15 to 17, where he discussed Syria’s economic and political transformations and his vision for the country’s next phase.
“Syria was reborn after sanctions were lifted,” al-Sharaa said, adding that sanctions imposed on the country over decades had severely affected the economy and left entire generations unfamiliar with financial transactions, banking guarantees and other tools of the modern economy.
Syria had spent about 60 years under what he described as “administrative corruption and poor planning,” he said, adding that the country is now working to rebuild its institutions and benefit from the experiences of other countries while taking into account its own circumstances.
Al-Sharaa expects the Syrian economy to reach about $50 billion in 2026, expressing his ambition to build a $200 billion economy in the coming years.
He said Syria has shifted from a country associated with captagon trade and conflict to one moving toward stability, with growing discussion of its potential as a trade corridor linking supply chains between East and West.
Syria’s stability “serves the region” and represents “a shared interest for everyone,” al-Sharaa said, pointing to major investment opportunities for Gulf states, neighboring countries and Europe, as well as plans for large-scale investments in Syria.
Al-Sharaa also highlighted the importance of Syria’s agricultural sector, saying the introduction of modern technologies could help strengthen food security across the region.
At the same time, he warned that an expansion of wars in the region could affect Syria’s economic growth as the country continues to face the effects of war and destruction.
“Syria will become a normal country where the economy and society grow,” al-Sharaa said, expressing optimism about the country’s trajectory in the coming phase.