(MENAFN- Iraq Business News)
By John Lee.
The Saudi Export Development Authority (SEDA) has organized a trade mission to Iraq under the banner "Made in Saudi Arabia."
The mission, held in Basra, aligns with the authority's goal of promoting non-oil Saudi exports, diversifying income sources, and expanding into promising regional and international markets.
28 Saudi companies and 130 Iraqi companies from various sectors, including construction materials, chemicals, polymers, energy, and packaging, participated in the trade mission. The aim was to explore new avenues for cooperation with the Iraqi side, supporting the entry of Saudi products into the promising Iraqi markets. The mission resulted in bilateral meetings, business matching sessions, agreements, and memoranda of understanding between Saudi and Iraqi entities.
Saudi non-oil exports to Iraq over the past five years (2018-2022) reached SAR 14.8 billion [$4 billion], with the construction materials sector being one of the highest exporting sectors during this period, totaling SAR 4.42 billion, followed by the "food products" sector at SAR 4.04 billion.
SEDA said its trade mission underscores its commitment to empower exporters and their products, facilitate connections between exporters and potential buyers, and stimulate the growth of Saudi non-oil exports. This initiative aims to open more export opportunities in international markets, contributing significantly to the national economy and helping Saudi non-oil exports reach at least 50% of non-oil GDP by 2030.
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