New figures today show that Irish exports to the Arab countries reached €1.46 billion during the first half of 2023.
The Arab Irish Chamber of Commerce said there were notable increases in exports to Saudi Arabia, Algeria, Morocco and Tunisia.
Ahmad Younis, the CEO of the Arab Irish Chamber of Commerce, said that while Ireland is trading strongly with the Middle East and Gulf, it is a region that is still underexploited in terms of the opportunities for Irish businesses.
The Arab world comprises 22 countries, many of which are experiencing rapidly growing economies, and populations.
Countries such as Saudi Arabia are investing billions of dollars in infrastructure, urban development and tourism.
Trade agreements with the EU are making access to these markets easier than ever before and the potential for Irish businesses to tap into these markets is significant.
In addition to merchandise, the Arab Irish Chamber of Commerce estimates that trade in services, worth an estimated €4 billion in 2022, will meet if not exceed the overall value of goods exported to the Arab states this year.
"Traditionally, Irish businesses and senior executives with expertise in sectors such as technology, aviation, infrastructure and tourism have done very well in the Arab world," Ahmad Younis said.
"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," he added
Today's figures show that Irish exports in the first six months of the year to Saudi Arabia saw growth of 6% compared to the same time last year to hit €464m.
Exports to Morocco were up 21% to €69m, while exports to Tunisia soared by 148% to 17m - albeit from a lower base.
Meanwhile, exports to Algeria experienced growth of 118% to €5.8m during the first six months of the the year.
