yria’s social market economy is structured to protect family businesses, Syrian Minister of Economy and Trade Amer Hosni Lutfi told the Family Business Conference held at the Sheraton Hotel in Damascus on November 15 and 16.
“Given there is no mercy in the open economy, here in Syria we have chosen a type of market economy that is based on government interference in certain sectors to put into place policies and standards which facilitate the protection of businesses, especially small and medium ones,” Lutfi said.
The Family Business Conference Syria 2009 brought together a range of local, regional and international speakers. It aimed to raise public awareness about the important role family business plays in the Syrian economy, as well as address specific challenges related to this form of business structure. Individual lectures included: managing family challenges, transforming family businesses into corporations, managing growth and risk, the role of women in family business, governance and transparency and succession planning.
Speaking at the event, Ernst and Young Middle East Senior Partner Abdul Kader Husrieh said steps should be taken to build confidence between the government and the family business sector in order to help these businesses adopt a public company structure.
“This process is going to take a long time, it’s a development process,” he said.
Rania Labaki, assistant professor of management science at the University of Montesquieu Bordeaux, stressed the need for effective communication in family businesses, given the emotional nature of the structure.
