India offers $100 mn credit to Syria

India has offered a USD 100 million line of credit to Syria in a bid to bolster Indian participation in the western Asian nation’s development, President Pratibha Patil announced here on Saturday.

Patil said that the credit offer was made to be used by country in sectors to be “mutually agreed upon”, keeping in view Syria’s priorities.

The purpose behind this offer is to encourage Indian companies to involve themselves in developmental projects in Syria, which will give them good exposure to the Syrian market, and would also showcase to Syria the potential of Indian companies, she said.

Expressing her happiness over the progress in India-Syria bilateral relations over the last few years she said, “The global downturn posed serious challenges since early 2008. Both India and Syria were affected, but have recovered and are confident of achieving higher rates of growth in the coming years.”

”In our discussions we recalled the decision taken at the bilateral Joint Commission that met in Damascus in June this year, to double bilateral trade levels in the next 2 to 3 years and reaffirmed that this target should be achieved,” Patil added.

”The India-Syria Business Council to be launched tomorrow will focus on strengthening economic and commercial links. Areas that offer enormous potential for mutually advantageous co-operation are the phosphate sector and tourism,” she said.

A cultural exchange programme and two agreements on co-operation between media organisations were also signed on during Saturday’s talks, she announced.

The Indian President had arrived in the Syrian capital on Friday after visiting the United Arab Emirates.