RIYADH — The Saudi Export Development Authority (Saudi Exports) has organized a trade mission to Basra in Iraq under the theme 'Made in Saudi Arabia' to introduce local products to promising regional markets.
The trade mission comes within the Authority’s role of expanding Saudi non-oil exports and as part of its strategy aimed at opening new markets and creating more export opportunities.
It is hoped that the trade mission would enhance the position of national products and their competitiveness as one of the most important tributaries of the national economy and diversify its sources of income.
More than 28 Saudi companies and 130 Iraqi companies participated in the work of the Saudi trade mission to Basra. The companies are from different sectors, such as building materials, chemicals and polymers, energy, and packaging.
All of these companies are looking for new horizons that will give their products access to Iraq's promising markets, and achieve the aspirations of the wise leadership toward diversifying sources of national income and enhancing Saudi non-oil exports.
The mission has included a number of bilateral meetings, business matching meetings, agreements, in addition to Memorandums of Understandings (MoUs) between the Saudi and Iraqi sides.
Organizing this trade mission, which will open several export opportunities, by the Saudi Exports is a confirmation for its endeavor to promote exporters and their products, while connecting exporters with potential buyers.
This will contribute to stimulating the growth of the Saudi non-oil exports, and lead to further openness in international markets to be a tributary to the national economy, in addition to contributing to increase the percentage of Saudi non-oil exports to no less than 50% of non-oil GDP by 2030.
Saudi Arabia’s non-oil export to Iraq in the five years from 2018 to last year 2022 was valued at SR14.8 billion.
The building materials sector was the highest exporting sector during this period with a value amounting to SR4.42 billion, followed by the food products sector with a value ofSR4.04 billion.
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