Around two-third of Syria’s factories have been damaged by the conflict gripping Syria, Wael Al-Halqi, the Prime Minister said.
The minister of industry has estimated the cost of the war on Syria’s manufacturing sector at above 336 billion Syrian pounds, or $2.2 billion at the current market exchange rate.
Syria’s state-owned textile companies have accumulated losses of 17.6 billion pounds from the violence of the last two years and seen countless companies, including all those in Aleppo, stop production.
Syria’s state-owned industrial sector suffered losses of SYP 60 billion from the ongoing uprising and war in Syria.
ElSewedy Electric, one of the largest foreign investors in Syria’s manufacturing sector, is considering quitting the market in view of the deteriorating business environment, according to Egyptian media reports.
The Syrian government is planning to relocate state factories to “safe areas” in the country, according to the Minister of Industry.
The Minister of Industry has estimated the losses of the Syrian cotton industry at some SYP 20 billion in the last two years.
Hundreds of Syrian manufacturers are setting-up factories in Egypt, according to the Egyptian Minister of Industry.
Al-Ahliah Vegetable Oil Company, an agro-food company listed in the Damascus Securities Exchange, posted profits again last year.
The General Establishment of Chemical Industries is the latest state body to post a significant drop in its 2012 revenues.
The Syrian government is accusing Turkey of being complicit in the looting and transfer of equipment to its territory of some 1,000 factories in Aleppo.
Syria’s production and sales of fertilizers fell by more than half last year, a decline that potentially indicates a sharp decline in agricultural production.
A fire that broke out in the premises of a paper factory managed by Vimpex is estimated to have caused damages worth SYP 5 billion – around USD 62 million.
Activity at Al-Ahliah Vegetable Oil continued to show remarkable resilience with revenues in the first nine months of this year increasing on an annual basis.
The prices of Syrian made cigarettes have increased by 50 to 100 percent as foreign brands become increasingly expensive.