Saudi Export Organize Business Matching Meetings

Saudi Export’ Development Authority organized business matching meetings within the activities of the Saudi-Iraqi Business Forum, held by the Federation of Saudi Chambers of Commerce, at the Federation’s headquarters in Riyadh, during the period from 24 to 26 January, with the participation and attendance of a number of ministers and officials, private agencies, and Saudi and Iraqi businesspeople.

The participation of “Saudi Export” comes in organizing business matching meetings among Saudi exporters and importers from the Iraqi side, in multiple sectors, within the framework of its strategy aimed at identifying and promoting international business opportunities, linking exporters with buyers, expanding the export base, enhancing the presence of national products and raising their competitiveness, in regional and global markets, in line with the Kingdom’s Vision 2030 and its objectives, to raise the proportion of Saudi non-oil exports to no less than 50% of the total value of non-oil GDP by 2030.

It is worth noting that the wise leadership of the Kingdom has made efforts to support and develop relations between the two brotherly countries, represented in its directives to raise the volume of trade exchange between the two countries, and to develop and reopen the Jadidat Arar border crossing, in a step that represents a breakthrough towards strengthening Saudi-Iraqi economic relations.

The step has opened set new prospects of cooperation in the economic and development fields and facilitates the movement of intra-trade, as the port includes a “logistical zone” that serves as the economic gateway to the northern part of the Kingdom.

It is noteworthy that the forum’s activities witness holding bilateral meetings between businesspersons from the two countries, signing of several agreements and memoranda of understanding, and reviewing promising investment opportunities between the two parties, especially in the sectors of energy, transportation, logistics, import, finance, banking and infrastructure.

It is noteworthy that the volume of trade exchange between the two brotherly countries amounted to SR3,412 million, in 2020, compared to SR2,971 million, in 2019, an increase of SR441 million, or 14.8%, while the value of the Kingdom’s exports to Iraq amounted to SR3,371 million, in 2020, while the value of the Kingdom’s imports from Iraq was SR41.8 million for the same year.