Samir Sabounji, a member of the advisory board of the American Syrian Business Council, emphasized the importance of reconnecting Syrian banks to the SWIFT system as it contributes to activating international trade and financial exchanges with Syria and facilitates and simplifies the flow of financial transactions between Syria and other countries.

Sabounji told SANA’s correspondent: “The lifting of U.S. sanctions on Syria contributes to establishing joint projects between private sector companies in Syria and the United States,” adding, “Sanctions were hindering project establishment, and there was an executive order preventing U.S. individuals and companies from investing in Syria or exporting or providing any services to it or anyone in it, but this order was canceled since early July.”

Sabounji continued: “Due to differences in culture and systems, Syrian companies may not operate at the same level of standards and professionalism as their American counterparts, but many countries and foreign companies are in the same situation as Syrian companies, yet American companies deal with them,” explaining that business practices vary worldwide, which is natural, and there must be a will and commercial profit interest between partners in Syria and the United States.

SWIFT is an international system for transferring money between banks that allows financial transfers in foreign currencies. It was suspended in Syria due to sanctions imposed during the previous regime. After lifting these sanctions, Syria regained SWIFT services, and local banks executed the first direct international bank transfer through it last June, which was the first commercial transaction from a Syrian bank to an Italian bank.

The American Syrian Business Council was established in Washington last June as an independent, non-profit, and non-political organization aiming to be an effective platform to build bridges of economic and commercial cooperation between Syria and the United States, facilitate the exchange of expertise, and provide insights to companies and investors, contributing to supporting reconstruction efforts and achieving sustainable economic development in Syria after years of severe challenges.