KSA: Saudi Arabia is set to boost its non-oil exports through the Iraqi-trade mission organized by the Saudi Export Development Authority (SEDA). The objective is to tap into new markets and create better prospects for exporters, aligning with the goals of Saudi Vision 2030.
The trade mission, which saw participation from 37 Saudi companies and 100 Iraqi companies across various sectors, including building materials, food products, and packaging, aimed to facilitate export opportunities and showcase Saudi products globally.
During the mission, both nations engaged in bilateral meetings, business matching sessions, and the signing of memorandums of understanding, as reported by Al-Eqtisadiah. Hence, this active exchange of ideas and agreements reinforces the commitment to enhancing economic ties between the Kingdom of Saudi Arabia and Iraq.
Over the past five years, Saudi Arabia’s non-oil exports to Iraq reached an impressive SR14.8 billion ($3.94 billion). Notably, construction materials and food products contributed significantly, accounting for SR4.42 billion and SR4.04 billion respectively. This indicates the potential for further growth in these sectors and encourages the diversification of Saudi Arabia’s sources of national income.
Moreover, SEDA, the Saudi Export Development Authority, plays a vital role in promoting national products in priority sectors and facilitating export opportunities. The authority collaborates closely with relevant government agencies, including the Saudi Export-Import Bank, to support exporters and importers throughout the process.
Through initiatives like trade missions and forums, SEDA actively works towards expanding business opportunities and supporting participants. Additionally, by creating a platform for interaction and collaboration, these endeavors contribute to the development of Saudi Arabia’s exports and bolster the competitiveness of its products in international markets.
The Kingdom of Saudi Arabia’s Iqari-trade mission demonstrates Saudi Arabia’s commitment to forging stronger economic ties with Iraq, while simultaneously boosting the presence and marketability of Saudi products on a global scale.