Syrians are hoping sanctions relief will help boost investment, reconstruction after more than a decade of civil war.
Business owners in Syria have welcomed the European Union’s decision this week to lift sanctions on the country, in what observers say is the most significant easing of Western pressure on Damascus in more than a decade.
The EU’s move, which followed a similar announcement by the United States in mid-May, was praised by Syrian Foreign Minister Asaad al-Shaibani as one that would bolster Syria’s security and stability.
For many Syrian entrepreneurs, it also brings the hope of rebuilding their livelihoods after years of economic isolation.
“Companies that were ousted from Syria and stopped dealing with us because of the sanctions are now in contact with us,” Hassan Bandakji, a local business owner, told Al Jazeera.
“Many companies and producers are telling us they are coming back and that they want to reserve a spot in our market.”
The EU and US sanctions had levied wide-ranging sanctions against the government of former Syrian President Bashar al-Assad, who was removed from power in a rebel offensive in December of last year.
The economic curbs had severely limited trade, investment, and financial transactions in Syria, cutting businesses off from supplies and international banking.
“The main obstacle we faced was getting raw materials and automated lines,” said Ali Sheikh Kweider, who manages a factory in the countryside of the Syrian capital, Damascus.
“As for bank accounts, we weren’t able to send or receive any transactions,” Kweider told Al Jazeera.
Syria’s new government, led by ex-rebel leader and interim President Ahmed al-Sharaa, had called for the sanctions to be lifted as it seeks to rebuild the country.
US President Donald Trump said after a meeting with al-Sharaa in Saudi Arabia last week that he planned to order the lifting of American sanctions on Syria.
Reporting from Damascus, Al Jazeera’s Mahmoud Abdelwahed said the government is hoping the sanctions relief will help Syria reintegrate into the international community.
It also views the EU’s announcement as additional “recognition of the new political leadership” in the country, Abdelwahed added.