RIYADH: Saudi Arabia’s non-oil exports are poised for further growth as the Saudi Export Development Authority organized a trade mission in Iraq to explore new markets and enhance business opportunities for exporters.
The mission aims to provide export opportunities and promote Saudi products in international markets, with over 37 Saudi and 100 Iraqi companies participating from various sectors, including building materials, food products, and packaging.
The two nations conducted bilateral meetings, business matching sessions, and the signing of memorandums of understanding, Al-Eqtisadiah reported.
In the past five years, Saudi non-oil exports to Iraq reached SR14.8 billion ($3.94 billion), with sectors such as construction material and food products accounting for SR4.42 billion and SR4.04 billion, respectively.
SEDA promotes national products in priority sectors and enhances export opportunities while facilitating deals between exporters and importers. The authority also provides support from other relevant government agencies, including the Saudi Export-Import Bank.
Through trade missions and forums, SEDA aims to develop exports, expand business opportunities and support the participants.
The mission to Iraq is a significant step toward achieving the goals of Saudi Vision 2030 and diversifying the sources of national income.
The trade mission signifies Saudi Arabia’s commitment to strengthening economic ties with Iraq and promoting the competitiveness of the Kingdom’s products in international markets.
