DAMSCUS, April 6 (KUNA) -- The economic relations between Syria and the Gulf Cooperation Council (GCC) states are considered of great importance as Syria's  

DAMSCUS, April 6 (KUNA) -- The economic relations between Syria and the Gulf Cooperation Council (GCC) states are considered of great importance as Syria's exports to those states make up about 51 percent of its total exports to Arab countries, a Syrian study said.

The study, issued in the Syrian "Tishreen" daily said Wednesday that the Syrian exports to the GCC states consist of food and animal products, making up 73 percent of the total exports to the GCC states.

As for the Syrian textile exports to the Gulf states, the study said in 2000 they reached three percent of the total exports to the GCC and in 2002 they increased to 11 percent.

The study said that the trade relations with the GCC states on the imports level are not as significant as on the exportation level.

The chemical and petrochemical imports from the GCC states make up 60 percent of the total imports from the GCC states and 35 percent of the total Syrian imports from other world countries, according to the study.

The study pointed out that the Syrian trade with the GCC states has witnessed some obstacles during the past three years, such as imposing fees on Syrian violating trucks and emptying the Syrian transit trucks traveling to GCC countries.

As for the investments of the GCC states in Syria, they have reached between 1985-2002, 5078 million dollars, making up 51 percent of total Arab investments in Syria and 27 percent of foreign investments.

It added that Saudi Arabian investments made up 93 percent of the total GCC investments whereas the Syrian investments in the GCC states is worth 1120 million dollars with 96 percent of those investments in Saudi Arabia, Kuwait and the UAE.

It noted that there are also joint projects being carried out between the Syrian government and Arab and gulf private corporations.

According to the study, there are many difficulties facing the gulf investors in Syria, such as the absence of a developed banking system and the lack of financial institutions capable of financing such projects.

The study suggested several proposals to further boost the economic relations with the GCC states such as creating a more adequate investment environment in Syria, organizing the Syrian work market in the GCC states and establishing a court for gulf investments disputes.