Arab News: In a bid to boost economic cooperation and develop non-oil exports to Iraq, the Saudi Export Development Authority organized a trade mission to the city of Erbil.
The authority, under the identity of “Made in Saudi Arabia,” promoted non-oil exporters and their goods, advanced the competitiveness of products from the Kingdom on global markets and explored new trade cooperation opportunities between the two countries.
According to the Saudi Press Agency, more than 34 Saudi companies and 140 Iraqi firms from a variety of sectors, most notably building materials, food products, packaging, and packaging, participated in the trade mission.
The mission included bilateral meetings and memoranda of understanding between the Saudi and Iraqi sides.
Participants were also able to benefit from the services provided by relevant government agencies supporting the mission, including the Saudi Export and Import Bank and the Food and Drug Authority.
This gave businesses the opportunity to reach agreements to expand exports and find new markets for their products.
This trade trip is an extension of the activities Saudi Exports has been organizing in Iraq, where it participated in several major exhibitions on multiple occasions, including the Baghdad International Exhibition, SPA reported.
Additionally, it coordinated the activities of a number of Saudi-Iraqi trade missions, including one held in Baghdad in June last year.
This reflects the commitment of Saudi Exports in promoting exporters and providing numerous promotional platforms that connect them with potential customers and partners in the regional and global markets.
The Kingdom’s non-oil exports to Iraq amounted to SR14.8 billion ($3.95 billion) over the last five years.
With a value of SR4.42 billion, the construction materials industry was the top exporting sector during the time, followed by the food products sector with SR4.04 billion.
By creating several opportunities, Saudi Exports is also contributing to raising the proportion of Saudi non-oil exports to at least 50 percent of the non-oil gross domestic product by 2030.
Last Friday, the Saudi Export Development Authority also organized the activities of a trade mission to Japan which took place in the capital Tokyo to enhance economic and trade relations between the two countries.
The mission also explored new avenues of cooperation that support the entry of national products and services into the Japanese market.
https://www.arabnews.com/node/2355646/business-economy
