(MENAFN- Iraq Business News)
By John Lee.
The Saudi Export Development Authority (SEDA) , under the banner of "Made in Saudi Arabia, Exported to the World," has conducted a trade mission to Erbil, Iraq.
The mission, held on August 15, 2023, featured the participation of 34 Saudi companies and 140 Iraqi companies across diverse sectors including construction materials, food products, and packaging.
The mission aligns with the authority's non-oil export development efforts, aimed at promoting exporters and their products, enhancing the competitiveness of Saudi products, and expanding into international markets.
The mission comprised bilateral meetings, business discussions, agreements, and memoranda of understanding between the Saudi and Iraqi sides. Participants also benefitted from services offered by relevant government entities supporting the mission, including the Saudi Food and Drug Authority and Saudi Exports and Imports Bank. These opportunities provide companies with the chance to foster trade deals, boost exports, and explore new markets.
This trade mission extends from the Saudi Export Development Authority's previous engagements in Iraq. The authority has previously participated in significant events, such as the Baghdad International Fair and the Erbil International Building Exhibition. It has also organized several Saudi-Iraqi trade missions, with the most recent one taking place in Baghdad in June, underscoring its commitment to promote exporters and facilitate diverse promotional platforms for them to connect with potential buyers and partners in regional and international markets.
Notably, Saudi Arabia's non-oil exports to Iraq over the past five years (2018-2022) amounted to SAR 14.8 billion. The "Construction Materials" sector emerged as the top exporting sector during this period, with a value of SAR 4.42 billion, followed by the "Food Products" sector at SAR 4.04 billion.
This Saudi export mission, aimed at unlocking numerous export opportunities, reinforces the authority's dedication to promoting exporters and their products, and facilitating connections between exporters and potential buyers. This strategy stimulates growth in Saudi non-oil exports, contributing to increased international market presence, thus becoming a vital driver for the national economy. The objective is to raise the share of non-oil Saudi exports to at least 50% of non-oil GDP by 2030.
(Source: SEDA)
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