Rebuilding Syria’s Economy Opportunities and Challenges Facing British Firms

Raghid Sandouk fled Syria for the UK in 2012 following a car bomb explosion outside his office. He has since returned to his home country to assist in its reconstruction. His journey reflects the new opportunities that are beginning to emerge as Syria transitions from years of civil war to economic recovery.

Sandouk, who previously ran a pharmaceutical equipment business in Syria, established Best Lab Solutions in the UK in 2013. This company exports laboratory and pharmaceutical equipment to the Middle East. After the official end of the civil war in December 2024, Sandouk has visited Syria multiple times, reconnecting with former clients and experiencing notable success in business. He reported that companies in Syria have a strong preference for British products.

The UK government has noted increasing interest from British companies in trading with Syria. Recent guidance has advised that while the country presents significant market potential, numerous challenges persist. Businesses must navigate security concerns, a lack of transparency, and poor infrastructure, all of which complicate the trading environment.

UK businesses face specific hurdles, including issues with securing trade insurance, as insurers remain cautious of the ongoing political and commercial risks inherent in Syria. Additionally, banking and financial transaction challenges contribute to uncertainties around payment settlement and commercial operations.

Sandouk highlighted the need for local contacts to assist British companies in effectively navigating the complexities of the Syrian market. Given the fragmented customs and logistics landscape, establishing local partnerships will be crucial for successful business operations.

The rebuilding effort stands as the most pressing requirement for British firms aiming to engage with Syria’s market. The Syria Britain Business Council has been established to foster relationships between businesses from both countries. The council’s leadership emphasizes that the potential for growth across various sectors is considerable.

Despite ongoing challenges, the opportunities for collaboration between UK businesses and their Syrian counterparts signal a significant shift. As the reconstruction of Syria unfolds, the involvement of British firms may play a pivotal role in shaping the future economic landscape.