The Sanctions Have Been Lifted. Now What? A New Chapter for Business in Syria
The Sanctions Have Been Lifted. Now What? A New Chapter for Business in Syria
May 16, 2025 | Bora Arican
This week, the U.S. moved to lift sanctions on Syria, which had banned nearly all trade for over a decade. The move was met with celebration by citizens, companies, and investors alike, eager to seize the opportunity, but with many questions on how to begin. Many are now looking for guidance on what this means in practice, asking how to start doing business in Syria, what rules apply, and what opportunities and risks to watch.
I just returned from Syria a few weeks ago. After more than 14 years of conflict and economic isolation, the country is slowly emerging from war. Streets are being rebuilt. Shops are reopening. And for the first time in years, Syrians are daring to think about the future, not just survival.
But let’s be clear: the lifting of sanctions doesn’t mean Syria is ready for business overnight.
Lifting sanctions may remove one barrier, but it won’t immediately solve the deep challenges Syrians face in rebuilding their economy. It’s going to take time for legal clarity, for risk to recalibrate, and for infrastructure and trust to be rebuilt.
With 20 years of experience helping small businesses navigate market access, including in post conflict markets like Afghanistan, Liberia, and seven years building a network of over 3,000 Syrian-led businesses operating in Türkiye and the region, this is where Building Markets’ Network can play a critical role.
For companies considering how to engage, this moment presents a rare chance to help shape a market from the ground up. Syria’s economic future will be shaped by those who understand both its fragility and its potential. These observations offer a practical lens for navigating the transition from isolation to inclusion.
Four Lessons from the Ground
1. The Market is a Blank Slate
After more than a decade of economic isolation, entire industries have yet to emerge. There is no Uber. No ride-sharing. No digital finance infrastructure. No mobile banking. No food delivery platforms. No e-commerce platforms. No gig economy. No scalable logistics or warehousing. In short: the basic architecture of a modern consumer economy is missing. That’s not just a challenge—it’s a massive opportunity for those who move thoughtfully.
2. Infrastructure is a Bottleneck
Power, internet, and physical workspace are fundamental problems. Frequent blackouts stall production. Entrepreneurs struggle to get online. Even in urban centers, basic infrastructure is often missing or unreliable. Nearly every actor we spoke with—from entrepreneurs to UN agencies to government officials—highlighted infrastructure as the first step to market development.
3. It’s a Tricky Market for Western Entrants
Even with sanctions lifted, Syria is not plug-and-play for global corporations. Compliance uncertainty remains. Local regulations are evolving. And banking remains slow and fragile. But Syrian entrepreneurs abroad are already mobilizing. From Istanbul to Berlin, diaspora founders are ready to serve as bridges, offering both cultural fluency and operational know-how. Many are already running successful businesses across Türkiye’s industrial zones, and are eager to support early-stage growth in Syria.
4. The Ground is Fertile for SME Growth
While multinationals may stay cautious, the real energy is in the small business sector. Syria’s entrepreneurs are hungry for opportunity, but they need capital, training, and connectivity. There is no access to angel investors or accelerators. No vocational pipelines linked to employment. No reliable data on SME size or sector. But the willingness to learn and build is there. Especially among youth and women, the demand for entrepreneurship support is overwhelming.
What Does This Mean for You?
If you're part of a company exploring new frontier markets, an investor interested in post-conflict recovery, or a policymaker shaping economic reintegration, you need to be paying attention. Syria represents one of the few last entry markets in the world. But it will take different models, deep partnerships, and patient capital.
Our network—spanning diaspora entrepreneurs, regional experts, and global investors—can help bridge the gap. We’re already supporting Syrian businesses in Türkiye. We’re exploring co-working infrastructure inside Syria. We’re identifying opportunities for vocational training and peer-to-peer mentorship. And we’re working to build the data infrastructure necessary to inform smarter investments.
Looking Ahead
Sanctions relief is not a finish line. It’s a starting point. If we move with humility, urgency, and local leadership, we can help rebuild not just a market, but a future.
If your organization is looking to engage, whether as a funder, strategic partner, or impact investor–get in touch. The groundwork starts now. Email us at partnerships@buildingmarkets.org to get started.