Making it in Syria

A Syrian rags-to-riches story, Issam Anbouba talks to FW: about working his way to the top in the US and the UAE, and the factors and changes in the Syrian economic and investment environment that made him come back.

From a struggling petroleum-engineering student to a successful businessman: how did you pull this off?
Success depends on the decisions you take throughout your life. In my opinion, one of my first successful decisions was when I chose to go to the US to continue my education.

In 1970, I had just finished high school, and I was presented with a fork in the road that would require me to make a decision: either continue my education in an Eastern European country on a scholarship, or to go to the U.S where I would have to work and study. I chose the hard way, and moved to the US.
This decision has shaped my life. At the early age of 18, I had to work several jobs to put myself through college, yet at the same time I had to maintain my studies and make sure my grades were above par. In this process I had to choose the proper jobs that were well paying yet related to my field of study. Therefore, as a petroleum-engineering student I ventured into the oilfields.
Working in the oilfields gave my studies more meaning and gave me more hands-on experience. Step by step, I made one successful decision after another. After the US, I chose to move to the UAE, then later, after 25 years abroad I believe I chose the right time to move back to Syria.
Why did you decide to come back to Syria?
I came with some hesitation and a lot of hope and ambition. The hesitation was due to the discomfort of leaving a very mature business environment that I had become very accustomed to, then starting a new challenge in an emerging investment environment. The social, political, and economic environment of the country provided a secure and stable investment setting. This was justified in “Investment Law No.10,” which gave me the needed push to take the risk of leaving my comfort zone and take the plunge. The chance to come back home and take the challenge of building something for my own and my country’s future was enticing.
Your main domain is food industries, which is quite far from your petroleum engineering. What changed?
Upon graduation, I started as an employee for an international company. The job presented me with the opportunity of moving to the UAE, where I continued for another couple of years as an employee, then moved on to try my hand at setting up my own private family business. I had initially moved into business related to my experience in drilling, but as time moved along, and as I gained experience, I felt the need to diversify.
We had set up a business importing agricultural products to Syria, and once the investment law had come into effect I quickly moved ahead with the new challenge of building a factory to produce the goods we were importing from abroad.
As a well-established Syrian businessman, why are you stationed in Homs, rather than the capital Damascus?
Homs is located in the heart of Syria. I believe that it should really be the business capital of Syria. It is very strategic in its location, as it is almost at an equal distance from Damascus, Aleppo, and Lattakia. Homs is also rich in water and other needed supplements of industry. To top it all, it is “home sweet home.”
What is your assessment of the Syrian economy at present?
The Syrian economy, in my opinion, is very healthy as it is very young. That is why I believe the government’s shaping of the economy in the upcoming years is very crucial. As we all know, Syrians in general and Syrian businesspeople in particular are very hard working and very tenacious. They have been very successful wherever they have been. It is therefore detrimental that the government takes the clear and correct path to provide the necessary environment. In the government’s 10th 5-year plan, it was clearly indicating the need to have a larger role for the private sector in establishing economic growth. The proper government decisions will determine the success or failure of the government; therefore we are waiting to see what the government will do about the economic challenges that the Syrian economy is facing.
In your capacity as chairman for the exporter’s committee at the Homs Chamber of Agriculture, what do you think of Syria’s current position and its set export-import policy?
From my position as secretary general of the Homs Chamber of Commerce, and as head of its exporter’s committee, I see that many decisions are awaiting the Syrian government. These decisions will shape the future of the Syrian production sector’s exporting capabilities in all phases. Here again we have to wait for the government’s decisions. We need heavy economic players in this challenging environment, especially after the lifting of subsidies and after the new rules for competition that we are currently facing as the cost of fuel, labor, and transportation has increased substantially. These factors have put extreme pressure on the producing sector without lifting any of the negative forces the Syrian economy has been known to have, such as the corruption, bureaucracy, lack of trained and well educated labor, and the uneven-handed costs of operation between us and other Arab countries, specifically the Gulf states.
Syria is a member of the GAFTA (Greater Arab Free Trade Agreement). Are Syrian products competitive?  What benefits can be gained from Syria’s accession to similar Arab and international agreements?
In my opinion we have moved too soon to sign these agreements. There isn’t equilibrium between the costs of production in Syria in comparison to other Arab countries, specifically the Gulf States. In this context we can specify three main areas: cost of energy, cost of capital, and government fees and taxes. That is why I believe that we will continue to lose big shares of our local market without gaining any part in their markets when it comes to competitive trade between Syria and other Arab countries. 
Amid the accelerated calls for further privatization, what is your assessment of the country’s economic growth?
I would like to end this interview by stating again that it is up to the government to shape the economic environment by taking the important strategic decisions to create the proper atmosphere for businesses to grow and expand. Quite frankly I can be very optimistic as it has been proven that the leadership of this country is very keen and serious in planning for a better future. In recent years, we have seen many dreams come true, such as privatization in insurance, banking, education, communications, and others.