Law firms, financial services providers and insurance companies are sizing up the Syrian business market as the government makes moves to open up to foreign investment, the Gazette has learned.

Anne Petrie, head of trade and investment at the British Embassy in Damascus, said opportunities for law firms would be two-fold. Along with advising on deals, there will be openings for firms to advise the Syrian government on reforming legislation and further developing its legal system to encourage outside investment.

She said: ‘It is very clear that Syria is keen to develop a system that will allow investment to come into the country… it has a good system but it needs to be developed to encourage foreign investment. The government is looking at creating a commercial court and finding some way of forming an arbitration system.’

Petrie said that ‘a number of law firms are taking a serious interest [in Syria], financial services companies are beginning to take interest and insurance companies are also looking that way’. She noted that UK exports to Syria had increased by 22.9% between January and June 2008 compared with the same period last year.

As part of the drive to encourage investment, the British Syrian Society organised the county’s first international lawyers’ conference held in Damascus during July, which was attended by Syrian president Bashar al-Assad.

David Freeman, solicitor with south-east firm Thomas Eggar and member of the society, attended the conference. ‘The point is that Syria is already recognised by many countries, particularly in the Gulf and Middle East, as a very interesting market opportunity – a lot of money is being invested from the Gulf and elsewhere,’ he said.

‘With Qatar and other Gulf countries investing heavily there, City firms need to know about Syria to properly advise existing Middle East clients.’

Nankunda Katangaza, policy manager with responsibility for the Middle East within the Law Society’s international department, led a delegation to the conference. ‘The Law Society has been involved with Syria for some time,’ he said. ‘We are delighted to be able to provide access for our members into new jurisdictions opening up.

‘British firms are well placed to move into Syria, some are already there. It is an exciting new market for them.’