Foreign investment into Syria has risen to $1.8 billion through October, up 2 1/2 times from the $720 million for all of last year, said Deputy Prime Minister Abdullah al-Dardari, who is in charge of economic affairs.

Total private investment from all sources rose to US$6 billion (#5.1 billion) through the first 10 months, up from US$4 billion last year, he said.

"We have noticed an outpouring of Arab investment, especially from the Gulf, into Syria," al-Dardari told reporters after speaking at a business forum here. " Arab investors would like to see Syria strong and flourishing in the face of external pressure."

The government recently announced projects totaling US$ 5 billion (#4.23 billion) involving Gulf companies, and expects to unveil another US$ 1 billion (#847 million) worth of new Arab investment before the year-end, he added.

"Until now, we haven't seen any negative impact of the U.N. investigations and the political environment surrounding Syria on foreign investment in the country," al-Dardari said.

Al-Dardari said Syria has embarked on a new phase of economic reforms and liberalization, with plans to launch eight new industrial parks, new airports, infrastructure and technology projects.

"2005 is the turning point for private investment... after decades of centrally clamped economy with public-sector dominated activities," he said.

The government projects the economy will grow an average of 5 percent annually and accelerate to a 7 to 8 percent growth rate from 2010 to 2015, he said.(AP)