Syria eyes Asia, Africa to offset sanctions-economy min

Tue Nov 15, 2011 11:50am GMT
 

CAIRO Nov 15 (Reuters) - Syria plans to strengthen economic ties with Asian and African countries to offset Western sanctions triggered by President Bashar al-Assad's crackdown on anti-government protesters, the country's economy and trade minister told an Egyptian newspaper.

Mohammad Nidal al-Shaar said the Syrian economy was bearing up well, with only European oil investments badly hit. But many analysts expect gross domestic product to decline this year, perhaps by several percent or more.

The eight-month crackdown has left more than 3,500 people dead, according to the United Nations. The United States and the European Union have imposed sanctions on Syria's oil industry and several state businesses in an effort to force Assad to halt the violence.

"Current investments in Syria have not been heavily affected by the events, except for European investments in oil," Shaar told Egyptian newspaper al-Alam al-Youm.

He said Syria was looking at boosting trade with countries that had not imposed sanctions.

"Syrian companies are already exporting to Asia," Shaar told the paper in an interview published on Tuesday.

"We have a lot of options ... including Mercosur (Latin American bloc) countries, Russia, Belarus, Kazakhstan, Africa and some countries from southeast Asia."

Oil industry sources say oil majors Royal Dutch Shell and Total have slashed oil production in Syria because U.S. and EU sanctions have warded off normal buyers of Syrian crude, causing storage tanks to fill and forcing cuts in output.

The uprising against Assad, inspired by Arab revolts elsewhere, has also scared off tourists and investors in other industries. But Shaar said Syria was coping.   Continued...

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