New dara from the Arab Irish Chamber of Commerce has shown a considerable increase in Irish exports to Morocco in the first half of 2023, increasing by 21% to reach 69 million euros (MAD 739 million).
The data showed strong increases in exports to Arab countries such as Saudi Arabia, Algeria, and Tunisia.
Despite the increase, the Middle East and Gulf remains an underexploited area for Irish businesses, according to Ahmad Younis, the CEO of the Arab Irish Chamber of Commerce.
Younis explained that Irish businesses in sectors such as technology, aviation, infrastructure and tourism have traditionally “done very well in the Arab world.”
“The Irish are well liked there. But it’s important to have a strong understanding of the region’s business culture in order to succeed,” he said.
“Patience is also required as it can take time to negotiate a deal but when it happens, things move at pace and the rewards can be monumental once you break into these markets,” the CEO added.
New trade agreements with the EU have made these markets significantly more accessible for Irish businesses, however.
In total, Irish exports to Arab countries reached over 1.4 billion euros in the first half of this year.
In addition, trade in services between Ireland and the 22 Arab states reached 4 billion euros in 2022, and is expected to meet, if not exceed the value of goods exported to the Arab world this year.
With rapidly growing economies and populations, the Arab World may be one of the best regions for investors and businesses, due to its high potential.
The Arab-Irish Chamber of Commerce was established in 1987, and aims to elucidate business processes for Irish businesses looking to enter the Arab market, as well as provide legal and commercial assistance through its online services.
