Moving through the streets of Damascus, a paradox is on display: While the toll of war is still visible, an energy of hope pulses through the city, fueling the residents’ palpable enthusiasm for a new Syria. I experienced a nation at a critical turning point during my recent visit to Syria’s capital—a turning point that holds real promise for stability, revitalization, and opportunities for U.S. businesses to play a key role in Syria’s rebuilding and reentry into the global economy.
Syria’s economy has endured nearly a decade and a half of devastation from civil war. According to the World Bank, GDP has contracted by more than 50% since 2010, and extreme poverty affects one in four Syrians. Yet, 2025 marks a shift.
Rebuilding from the Ground Up
The new Syrian government, led by H.E. President Ahmed al-Sharaa, is implementing reforms to unify fiscal and monetary policy, improve governance, and attract foreign investment. In May, U.S. President Donald Trump reestablished ties with Syria, opening the door for American companies to help the country rebuild.
Now, for the first time in decades, the Syrian market is opening to U.S. businesses.
Steve Lutes meets with H.E. Mohammed al-Bashir, Minister of Energy
While in Damascus, I met with a number of Syrian officials, including Central Bank Governor Dr. Abdulkader Husrieh and Syria’s Ministers of Energy, Economy and Industry, Finance, ICT, and Health.
Each official outlined bold priorities, plans, and projects that would be impactful to job creation, economic development, and Syria’s restoration. It is clear these projects are not just about rebuilding: they’re about reimagining Syria’s future, which includes the U.S. and our business community as major partners.
Chamber Vice President of Middle East Affairs Steve Lutes, center with blue tie, participates in a roundtable with Syrian President Ahmed al-Sharaa, right with black tie, during UNGA week in New York.On the UN Stage
For the first time in nearly 60 years, Syria’s President addressed the annual UN General Assembly (UNGA) meeting in New York. In his speech he declared, “From the very moment the former regime fell, we set out a clear strategic policy built upon three pillars: balanced diplomacy, security and stability, and economic development.”
On the sidelines of UNGA, the Chamber hosted President al-Sharaa himself and Syria’s Foreign Minister Asaad al-Shaibani for a roundtable discussion with U.S. business leaders to explore how American companies can engage on projects and investments and establish new partnerships with Syria. Like the Ministers that I met in Damascus, the President outlined several priorities and key sectors, and made clear that Syria’s door is wide open for U.S. business.
On the sidelines of UNGA, the Chamber hosted President Ahmed al-Sharaa and Syria’s Foreign Minister Asaad al-Shaibani for a roundtable discussion with U.S. business leaders.
Syrian President Ahmed al-Sharaa and Chamber Senior Vice President Khush Chosky.
Chamber Vice President Steve Lutes greets Syrian President Ahmed al-Sharaa as Chamber Senior Vice President Khush Chosky looks on.
Addressing the Caesar Act
While in New York, President al-Sharaa called for the repeal of the Caesar Act as an essential step for Syria’s economic recovery. The Caesar Syria Civilian Protection Act of 2019 was enacted to hold the Assad regime accountable for its brutal war crimes. However, in the wake of Bashar al-Assad’s ousting and the emergence of a new interim government, the administration is examining whether continued enforcement of Caesar Act sanctions is still aligned with U.S. policy or the realities on the ground.
Some relief has already been granted. In alignment with President Trump signing Executive Order 14312, which terminated the U.S. government’s comprehensive sanctions program against Syria, the U.S. Department of State issued a 180-day waiver on May 23, specifically suspending certain secondary sanctions under the Caesar Act. The U.S. Chamber is discussing the future of Caesar Act sanctions with the Trump Administration and members of Congress — all of which support moves to provide needed certainty and unlock opportunities for American companies eager to contribute to Syria’s reconstruction. From rebuilding power grids and hospitals to restoring digital infrastructure and manufacturing capacity, U.S. firms can play a vital role in stabilizing Syria and fostering long-term peace in the region.
A New Chapter for U.S.-Syria Relations
At the U.S. Chamber, we are confident that American business will play a vital role in Syria’s renaissance. While challenges exist, Syria’s strategic location, educated workforce, and urgent need for reconstruction make it a compelling market.
Despite risks, the rewards—both economic and humanitarian—are significant. It is also important to understand that our global competitors are taking action, and the United States can either be an active or a passive partner. American companies have the chance to not only grow their businesses but also contribute to the rebuilding of a nation and the restoration of dignity to millions. As Syria emerges from the shadows of war, it offers a rare opportunity: to be part of a story of recovery, resilience, and renewal.
Steve Lutes is executive director Middle East Affairs at the U.S. Chamber of Commerce. He is responsible for managing the U.S.-Egypt Business Council, U.S.-Iraq Business Initiative, the U.S.-GCC Business Initiative, and serves as executive director for each.