The Federation of Saudi Chambers (FSC) on Sunday hosted an Irish trade mission comprising representatives of some 60 companies.
The trade mission was organized by the Irish Department of Enterprise, Trade and Employment, Ministry of Telecommunication and Information Technology, and Saudi Contractors Authority, in a bid to support the activities of Irish companies in the Kingdom, mainly in the exports field after the coronavirus (COVID-19) pandemic.
The delegation includes companies in several sectors, mainly constructions, communications and information technology, and financial technology (fintech).
FSC Member of the Board of Directors and Head of National Committee for Communications and Information Technology Eng. Mohammed Al Khashil highlighted the importance for the Saudi and Irish business sectors to benefit from the agreements signed between the two countries, including those on avoiding dual taxation and avoiding income evasion.
He also referred to the challenges both countries faced due to the pandemic and what this requires of joint action to enhance relations in a strategic way to guarantee financial stability in line with Saudi Vision 2030 and Ireland Project 2040.
Khashil said: "Despite challenges, the real Irish GDP in 2020 grew by 3.4%," referring to some data and economic indicators in the Kingdom of Saudi Arabia that make opportunities for Irish companies in the Kingdom of Saudi Arabia, where the real GDP is expected to grow by 7.5% thanks to the growth of oil and non-oil GDP.
As for the fintech sector, he added: "The value of transactions in this field in the Kingdom of Saudi Arabia is expected to exceed US$33billion by 2023, where the number of companies witnessed a remarkable increase."
Khashil pointed out that the communications and information technology sector in the Kingdom of Saudi Arabia is witnessing a big increase in the number of subscribers in services, and ranked second globally in the cybersecurity indicator.
For their part, officials of the Irish delegation stressed that Irish companies place a special attention to the Saudi market and aspire to benefit from the huge investment opportunities in it, especially that the Kingdom of Saudi Arabia is one of the most important trade partners, expressing hope for this visit to contribute to enhancing bilateral ties and providing more opportunities for all sides.
