Syria is moving to reshape its investment landscape and turn the page on the legacy of war, driven by complex geopolitical shifts that have redrawn trade and energy routes across the Middle East. At the forefront is the crisis caused by the closure of the Strait of Hormuz amid the conflict with Iran, a development that has renewed international focus on Syria’s geography as a “safe corridor and vital alternative” for global trade flows. At the People’s Palace in Damascus, Syrian President Ahmed al-Sharaa and French President Emmanuel Macron laid the groundwork for what officials described as a “strategic shift” by launching a broad economic partnership for reconstruction. The initiative took shape at a roundtable that brought together senior officials, investors, and leaders of French business during Macron’s first official visit since the end of the civil war in 2024. The visit aims to move bilateral ties into a new phase based on mutual respect and equal partnership. Despite security explosions caused by explosive devices that targeted the heart of Damascus and shook the city center near the hotel where the French president spent the night during the talks, the French delegation pressed ahead with activating the partnership. The high-level French presence, which included major players in shipping, energy and industry, reflected a decisive French and European decision to move beyond security challenges and build an equal partnership based on mutual interests rather than slogans. In his extended opening remarks, al-Sharaa welcomed leading French industrialists and business figures, saying there was a comprehensive road map for reconstruction and partnership. He stressed Syria’s geopolitical advantage, saying: “Syria has a strategic location linking the Mediterranean to the Gulf and Iraq, and is only a few hours by sea from Marseille. After the Strait of Hormuz crisis, the world understood the value of safe and stable corridors.” “Here lies the importance of Syrian geography, which has today regained its vital role as an indispensable hub in the global corridors market. We want France to be our first partner on this path.” Al-Sharaa outlined the sectors covered by the investment map, saying: “We are talking about an integrated system, from renewing our air fleet, operating our airports and modernizing air navigation systems, to energy exploration in our territorial waters, upgrading electricity and water networks, and developing university hospitals, food industries, digital infrastructure and the civil registry.” He added: “Syrian industrial cities are ready to serve as a launchpad for your factories. Supporting this is our reliance on Syria’s revival through a sovereign decision. We are building a modern investment environment governed by laws and institutions.” He concluded by saying the strategic partnership was the model Damascus wanted with Europe and the world because it is “built on interests that serve the peoples of both countries, not on slogans.” Logistics cooperation Logistics and shipping emerged as strategic sectors, with the talks resulting in greater commercial influence for the French global shipping group CMA CGM. Al-Sharaa cited the successful partnership with the group, saying it had signed a contract 14 months earlier to develop the port of Latakia with an investment of 230 million euros, and that within a year, it had decided to inject an additional 200 million euros to raise the port’s capacity. In that context, CMA CGM Chief Executive Rodolphe Saadé stressed the importance of investment opportunities in Syria, saying: “Today we are reactivating the port of Latakia, and we expect important partnerships with Damascus in various fields.” Syrian Economy and Industry Minister Nidal al-Sha’ar said Syria was looking for an active French presence in industry, transport, infrastructure, education and health in a way that would add value to both economies. He said the country had “chosen to open a new page in its economic approach so that it becomes more competitive and more able to integrate into the global economy.” Talal al-Hilali, head of the Syrian Investment Authority, echoed that view, describing the meeting as “a pivotal stop in Syria’s path toward building a modern economy and investment partnerships.” Oil meetings Energy also emerged as one of the most important areas of French engagement. TotalEnergies Chief Executive Patrick Pouyanné met Syrian officials to discuss signing a formal oil exploration contract. The meetings build on a memorandum of understanding signed by the French company in May with Syria’s General Petroleum Corporation, granting TotalEnergies the right to explore a historically unexplored offshore block in the Mediterranean. Pouyanné said his company had entered into an alliance with other companies to conduct preliminary studies and analyze technical data for the targeted block, with the aim of converting the memorandum of understanding into a formal contract binding on both parties. In his assessment of the available technical opportunities, Pouyanné said TotalEnergies usually preferred to find crude oil, but added that the nature of historical discoveries in the eastern Mediterranean, as in Cyprus and Israel, showed that the stronger indicators pointed toward natural gas. Pouyanné described Syria as strategically important because it is a key transit state at the “crossroads of the Middle East,” enabling the transport of Iraqi oil to the Mediterranean and bypassing the Strait of Hormuz. He referred to Iraq’s April announcement that it had begun transporting its oil overland by truck through Syrian territory, as well as to talks between Damascus and Baghdad to establish mechanisms for energy transit and to rehabilitate the shared oil pipeline. But his view was marked by cautious realism. He acknowledged that the current security situation did not allow for immediate fieldwork, saying his visit was aimed at building trust and establishing initial logistical contacts. He urged investors to show some patience and give the government enough time to impose full control after a civil war that lasted more than 13 years and ended in 2024. He called on the international community and investors to be patient, giving the Syrian government enough time to consolidate full control and stability. For his part, the French president said Paris was ready to build trust and enter into partnerships in several fields, including energy, banking, and infrastructure. He said the two sides had agreed to form joint, expanded economic committees to support efforts to rebuild Syria, adding that there would be a close partnership with Gulf countries within this framework. Macron acknowledged that Damascus faced many challenges, but said there were also promising opportunities for partnership. He renewed his pledge that France would always stand by the Syrian people to help create a safe and stable investment environment. As part of supporting financial measures, the Elysee Palace announced the start of formal procedures with Damascus to return 51 million euros, about $58.29 million, to the Syrian state. The funds had been seized from Rifaat al-Assad, the uncle of former President Bashar al-Assad. The meetings were capped by strong political statements from the leaders of both countries outlining the features of a “new Syria.” Addressing French business leaders, the Syrian president said the People’s Palace was opening its doors to anyone wishing to contribute to building the future. He stressed that the world had recognized the value of safe and stable trade corridors through Syria after the Strait of Hormuz crisis.
